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ESTABLISHED OVER 100 Edition Final In 2 Sections-Section YEARS 2 ' Office Reg. U. S. Pat. Copy Price 60 Cents a Volume An International Bankruptcy The Financial Situation By ELISIIA derisive label em¬ right of 51%" .was the "The divine July 26, 1945 York, N. Y., Thursday, New Number 4406 162 Consulting Economist, New York City ployed by some authorities to describe the arguments of the Mr. Friedman, While Approving of the Aims of the .defenders of the 18th Amendment in the days of the "noble experiment." Essentially the same doctrine—that in a "de¬ the Lack of an International Bankruptcy Court Has mocracy" the majority rules and the minority submits even unto the minutest detail with whicli the majority cares to concern itself—is in high favor today, but it wears a new :label—"unity." It will be recalled that within a very short time, perhaps only a few months, prior to the national elec¬ tion in 1932, the ablest students of the Constitution and of the history of American politics, indeed virtually everyone i in the country except Alfred Smith, were quite certain that the country was saddled with the 18th Foreign Governments, to Require That Defaults on Court, The plans for Amendment, if not Perhaps there revul¬ sion of feeling than that which wiped this bit of un-American legislation from the statute books of the land. Certainly rapid and complete in this country a more there never was one which moved in upon us more com¬ pletely unheralded. 4 - "Unity" . which now passes under "unity," meet similar and equally deserved fate? This, too, is without doubt "noble in motive" —only the word now is "objective"—but those who now are How the soon 1 equally will this tyranny, and style of name if not more impatient of minorities are also equally and certainly as alien in their thinking to all American traditions as were the prohibition leaders of the '20s. If it was urgent in 1932 that we get back to American concepts, it is many times more important and urgent today. Then our aberrations had given rise to the rule of gangsters and had bred a broad contempt of law touch with the realities out of ■ in the „ ; breasts of many '■ The normally law-abiding (Continued on page 436) ; and law-re- ■ Professor Hodges Reviews * * the Proceedings of the ference, and Although Pronouncing It a Success "Battle of Wordage and Verbiage Hasn't Ended." m e n •v The United Nations probably has set this the mate patches at tor The San Francisco dis¬ of the San . . Nor does it take into account the ver¬ batim record of the embattled delegates, both behind closed doors and in open meetings. I blow—coverage Francisco sessions. . Charles parley has been a Hodges wordy business —practically nine weeks of talk. The Western Union people esti¬ by made by Mr. the New York So¬ ciety of Security Analysts, July 18, 1945. Mr. Hodges is Mutual Network's Foreign Expert and Professor of International Politics at New York University. address (Continued on page By 440) of private credit structure The exists and functions a only because defaulting debtor may to the bankruptcy court. ernments are bound by no such A government it cannot pay it does not wish to honesty. of code be hailed But gov¬ defaults not because because but have been We life who Idle are BARGERON CARLISLE Senators and others future of world trade. talking with some perplexed about the correspondent necessarily thinks. It is the '• * ; to be world trade. If there isn't world do not have world trade, then unquestionably report is not what your trade, or rather have we if we yyy^yrKyy^y » goods enough CONTENTS GENERAL men be to i < Pa<?e , Situation Financial ;............ 433 of Ahead 433 Moody's Items Bond Prices About Banks Trading NYSE t the News on State Yields..". 444 and Trust Cos.. New York Odd-Lot and Exchanges... 445 Trading.. of 438 v o a n t a i even or they did in building up without regard to an exchange of goods. The State De¬ partment has some very ambitious plans in this regard. With a view more than to Germany working Our an Trade govern¬ ment could Review. Dissolution Unions of Banks and Credit ..... Bank Debits for May.i............. 445 444 pensate for the nobody a on plan to bring up promising students who will be placed in our mass production in¬ dustries for training. These stu¬ 445 totalitari- 434 regulate proc.rlial. B.r,.r.n Commodity Prices, Domestic Index. 445 duction, guar¬ Weekly Carloadings 447 antee and order jobs, wages, etc. / Weekly Engineering Construction... 446 The alternative to this, my Paperboard Industry Statistics...... 447 friends agree, is our going more Weekly Lumber Movement......... 445 and more into world markets, or Fertilizer Association Price Index..445 as a matter of fact, in a free econ¬ Weekly Coal and Coke Output..... 444 omy. Our citizens cannot be Weekly Steel Review.. 443 stopped from selling wherever Moody's Daily Commodity Index..;. 444 they can sell. Now, on the ques¬ Weekly Crude Oil Production...... 446 tion of what goods we can get in Non-Ferrous Metals Market.......; 446 Weekly Electric Output............. 444 return in this world trade, to com¬ General encouraging industrial develop¬ of Latin America, they are ment Russia has had. to in this country, 1 i t a ri- s m that just as we would have to have Regular Features Washington From this my me, eign countries with a view building them up and cashing of abun¬ dance. But to do has the an¬ harassed by econ¬ an ————— friends in public life they are being industrialists who are willing to risk investments in for¬ But, tell omy Editorial spondent has talked, swer. The euphemism of sov¬ ereignty is used as a cloak for dis¬ work out our honesty. There is no ethical code own economy, and it could pay. in public What we gist of their discussions. First, there has got and in Wall Hodges before work. capital is a Washington Ahead of the Mews From the old defaults. Street, ter¬ of billions, I am sure that 6,000,000 words sounds quite modest indeed. But it is a lot of effort to read 6,000,000 words—about as inspiring as reading your six favorite volumes of the Encyclopedia Britannica! That doesn't take into account the radio with its day to day—and *An are meeting with their debtors rorized by units blow defaulting credi¬ to arrange for new loans and a word was said about curing Here situation. 6,000,000 words. Down here States. United Maintains That the press borrowed from the This is an absurd they loans University of capital is to get to of ■ not volume Reconstruc¬ When Development. governments become safe, investors will lend. The busmess loans to ■ • International Organization Conference on payment. ultimate force which can compel it to do so. This is international anarchy. In 1933, Germany unilaterally defaulted on her debt to American bondholders. The funds available tion ■; and contradiction in terms. Various remedies for default the machinery were sought. Protective commit¬ and the meth¬ tees have tried to be helpful. The ods. Admit¬ Corporation of Foreign Bondhold¬ tedly, these to pay interest were used to buy ers of London was established in copper and manganese and tung¬ are not ideal. 1868 and subsequently the gov¬ However, if sten and other war materials. The ernment was given representation world stood by and did nothing. there is full on its board. Similar organiza¬ In all the Treasury reports, opportunity tions were established in other for free and House hearings and public com¬ countries. They furnish interest¬ frequent ments on the Bretton Woods pro¬ ing information but secure no aqamendment, posals, not one word was uttered tion. there should about giving the creditor on a The Foreign Bondholders' Pro¬ be continuous government loan the elementary tective Council of the United improvement rights that every creditor has in States was organized in 1933 at all private loans; namely, the right in the ma¬ E. M. Friedman the request of the Secretaries of chinery and to enforce the collection of his State and the Treasury. Its an¬ The methods as the result of experi¬ debt in a bankruptcy court. nual report for 1938, of over 1,000 ence. '.i'"-*'... _*. yy y yyy V; International Bank and all ijts pages, shows that before the war The lack of a bankruptcy court proposals are worth very little unless'the Permanent Court of is a basic defect of all proposals ♦Summary of a brief submitted International Justicewill have for loans to foreign governments. by Mr. Friedman to the Senate jurisdiction over defaulting gov¬ Such a court would protect future Banking and Currency Commit¬ investors. Amazingly enough, of ernments. If international law and tee on the Bretton Woods Agree¬ the 44 States or governments rep¬ international sanctions are applied ments. resented at Bretton Woods, 18 to defaulting governments, inter¬ (Continued on page 439) were in default in 1939 on the national credit will rise and it will San Francisco Con¬ generation's record for talk. $- which it There is no The about volve Holds That Although the Senate Will Ratify the Charter Without Much Opposition the Isolationists Will Continue to Lie Low and Efforts to Sabotage Our Participa¬ tion in United Nations Activities Will Later Manifest Itself. Urges Prompt Ratification as the Balance Sheet of San Francisco Is Good and Says Though Task of Big Five Collaboration Is Difficult, It Is a V2-' agree- t. ternational Bank for legal principle under must- make reasonable or uni¬ differences re¬ Condition of Peace. v is versal By CHARLES Professor of international cooperation in history., purpose s,^there Significance of the San Francisco Conference HODGES* International Politics, New York Bretton Woods Agreement, Says Been the Basic Defect for Loans and He Urges That the Bretton Woods Plan Be Amended Loans Be Adjudicated by an International Bankruptcy Which Would Be a Division of the World Court. Bretton Woods legislation constitutes the most extensive —— . : ::—~—~~— be less necessary to have the In¬ With the aims and to permanently, then for generations to come. never was Court Proposed M. FRIEDMAN* goods we with whom your export, corre- ; dents, serving as apprentices in the Ford plants, for example, can go back and pass on ing to other their train¬ workers, and in time, American workers will be relatively skilled as our work¬ Latin as ers. Then we will standard of living sphere; we goods and have a higher for our hemi¬ will all be exchanging everybody will be happy, on this side of the Atlan¬ tic. The State Department has gotten the: approval of the CIO and AFL for this venture. With •y\ (Continued on page 437) 434 THE COMMERCIAL & FINANCIAL CHRONICLE Sept. 15 installment would be re¬ duced by one-half of its post-war liggels of Wisdom leaving it with $50,000 of additional cash immedi¬ ately available. " %•••:• .--v■ , ; "Under another provision of the bill, refunds arising from the recomputation of amortization de¬ ductions on emergency facilities certified td be no longer necessary ities, definite and early provision should be made for the expiration of the excess profits tax at the v end of the taxable year in which hostilities cease. "Early in the transition period there should be reductions of the rates applicable tp ordinary in¬ comes of corporations and individuals. . . i . "Inasmuch as employers are by law held account- J able for unfair labor practices, similarly employes should be held accountable for such practices. "Labor for "No form of lawful 1944 basic agricultural products. . the claim would for non¬ which of in result re¬ Under the legis¬ file could company a quick refund, payment must ninety days. be The within made would the re¬ refunds company thus be able to anticipate ceipt of $50,000 of cash during the autumn." the freedom of approved the relief tax bill, it was reported in "Chronicle," July 19, p. 331. "Payment of subsidies for the production and dis¬ tribution of farm products should be ended as the encouraging to know that these eminently proposals (so much in contrast to many from quarters) received overwhelming support the Chamber's membership. It is ,,, As tax rate July 20 on the corpo¬ adjustment bill making approximately $5,500,000,000 cash available and version for business to recon¬ expansion post-war the bill returned to it by the Senate with one of its provisions deleted, when the House accepted Washington dispatches from New York "Times" stated. The measure Senate as July on :, about to as years. refund bonds, involving about $1.3 billion. Make speeding refunds from carry¬ profits credits. excess "4. Hasten refunds from putation of deductions for of emergency facil¬ ities, involving about $1 billion." stricken vote a out on a standing House-approved provision opponents charged would which give reorganized railroads deserved windfall tax credit a outstanding phase of the the increasing the specific excess-profits tax of effective other program, the in on the an un¬ allowing accumu¬ lated interest of the old company. However, when the bill until feature, was re¬ turned to it with the deletion the House cooperated, and the meas¬ ure was sent to the White House in time for three of its five major relief provisions to take effect in and credits, as far as Jan. the An¬ next. 1 advancing of maturity date of outstanding post-war refund effect also on "However, ternal sized bonds, will take that date. Revenue Bureau earlier that ) officials of would the In¬ empha¬ reconversion come through "It would be possible for cor¬ porations anticipating losses or unused, credits for 1945, it was pointed out,' to defer payment of the Sept. 15 installment of their 1944 tax liabilities. This example was given: the Sept. 15 install¬ ment of Corporation X will amount the to $100,000. cancellation of Because contracts July 1, the corporation expects of on an unused credit for 1945 which will result in refund of $200,000 with a respect to prior years' taxes. This corporation would be able to defer concerned, the Sept. 15 installment and utilize the $100,000 for purposes of re¬ year, either in the payment of the Sept, 15 tax conversion when it is needed. . i ' Witfy the tempo of cut-backs and , war "As another example it was in¬ • contract cancellations in? creasing steadily, and the result¬ dicated that it would be possible for excess-profits taxpayers to re¬ duce the amount of the Sept. 15 ant need installment which war speed gram by industry for cash with finance reconversions, in enactment of the pro¬ to was a paramount objective of the Congressional leadership. The bill awaits President Tru¬ man's signature, and it is gener¬ ted credit by the by taking the currently, as legislation. post¬ permit¬ Taking corporation, the tax officials pointed out that the case of another this could happen: The corpora¬ tion reported as excess-profits tax ally conceded that he will'sign. liability, of $1,000,000 for 1944 and In paid installments of $250,000 each Associated 20 it was Press advices July on stated: Tt will take time, it : I . was point- J March Under the 15 and new June 15, 1945. legislation 9- : ~ operations to conversion production trict largely is are as follows: Pittsburgh 88.5%; Chicago 94.5; Youngstown 90.0; Philadelphia 93.0; Cleveland 89.0; Buffalo 98.0; Wheeling 90.0; South 94.0; Detroit 94.0; Western 70.0; Cincinnati 96.0; St. Louis 89.0; Eastern 90.0 rated tonnage already being car¬ ried by most, mills, with enough the books for six the to months Controlled as well The American Iron and Steel Institute announced last Tuesday steel producers feel that the future beyond that point is too uncertain to attempt to negotiate the operating rate of steel companies (including 94% of the industry) 'will be 90.7% of capac¬ ity for the week beginning July and semi¬ Order books for bar finished that business. additional items steel of rated week due to the heavy backlogs of un¬ on moving up one point capacity. Dis¬ steel ingot -operations this 90.5% fairly through the remainder year and into the first quarter of 1946. Tinplate sched¬ are well filled 23, of week ules-for November have been most by (R.-Mass.), minority leader of the House, has initiated a resolu¬ tion that before launching on a plan of enforced training, the United States seek to bring about an international agreement which would abolish throughout the world all compulsory military service. Martin's Mr. proposal, which Press reported from Washington July 16, urges President Truman, Secretary of the Associated State Byrnes and Edward R. Stettinius, Jr., who will represent the this United States on the United peace-furthering organ¬ ization, "to work unceasingly" for the end of compulsory military training. The press advices about be peoples that the policy of gigantic systems of universal compulsory military service should inated, it United tions this States the of and relieve all necessity we the other to na¬ assume great new burden at when and would elim¬ be time must build, reconstruct a readjust the world to peace," elimination of The present. "The which> has long practice of European nations has never prevented war,'? the Republican leader said. "It is always viewed with suspicion and fear by other countries, system the been forcing them to. adopt the same policyr It becomes an insupport¬ able burden, a constant drain on the. people of the. world, and a delivery is date tonnages have expanded recently realingments in schedules loadings shells. small this week cold finished will be will be The adjust OPA lowered may war. "In view of the world's hope of the ultimate destruc¬ tion of the military power of Ger¬ many and Japan, an effort to eliminate compulsory m i 1 i t a r y service as a policy of all peoples peace cannot A and come House too soon." committee . rearranged that so held extensive hearings during which military training was advocated by virtually all the top military leaders of this war. The post-war committee recommended a broad universal training policy. will be not A much substantial been made if for the last The supply is of merchant wire still inadequate to meet demand. Small size heavy nails and bail ties said to are be extremely short. Steel posts and wire products generally were ex¬ periencing a heavy demand this past week. firms lations of little war try contracts effect situation. cult report that cancel¬ One of the having are the on manpower most diffi¬ problems in the steel indus¬ is the inability to obtain labor. common .The increasing numbers of men appearing at employing, offices, as they are laid off at other plants, are not ready to take a reduction in wages but are seeking a job matching their previous one in pay. The lack of skilled manpower Martin's office said his resolu¬ on record and will not be the to Senate action. subject Railroads was 21.6% or an¬ increase of an with above similar a an jncreaSe 0.7% is shown or fwtr:^ the ^ • to period 5;933 of of cars, ,e t+ fu^e fe^or ? of electricity increased quarter of overs. items This cars, pared ton-1 I slated American 11943, is still large. Heavy deliver- this year may be expected to wipe out the remainder of the carry¬ the of 156,864 has in carryovers for steel year preceding week this year and 20,633 cars, or 2.3% below the corresponding week of 1944. Com¬ any. reduction one ended July 14, 1945, 883,268 cars, the Associa¬ nounced. net bar items by most mills although in one area the undelivered approximately 4,295,254,000 14, 1945, from 3,978,426,000 kwh. in the preceding week. Output for the week ended July 14, 1945, was kwh. in the week ended July 1.9% below that responding year for weekly the cor¬ period one ago. Consolidated Edison Co. of New York reports system kwh. in 163.300,000 output the of week er.ded July 15, 1945, comparing 162,200,000 kwh, for the cor¬ responding week of 1944, or an with increase of 0.6%. Local distribution of amounted to electricity 159,200,000 kwh 158,000,000 kwh. compared- with for the last year, corresponding an Business Commercial in ures week of increase of 0.6%. Failures the and Decline industrial — fail¬ week ending July 19 dropped to one-half the number in the preceding for the production of cold rolled sheets is a major factor in keep¬ about ing down the output of that item. Dun One week and to number in 12 concerns steel producer has said that the two-fifths the comparable & week week and 29 in the able, cold rolled sheet production could be increased as much as week 50%- with existing facilities. Progress of J' basis of Interest an were failed a reached high pitch or than freight a Only this one large for year ago concern every whereas one failed this year for every retailers failed in the No other trade industry group showed ' three small year ago. Eight in the railroad car field this week for the French and 6000 cars of more week just ended. when construction of 36,750 cars 21. year two , a Large failing with liabilities or concern arbitrary / , dropped from 18 preceding week to 8 in the week just ended—last year there government contracts based on commercial price setup rather the > in the to have claims for steel in process on corresponding ago. marked decline occurred in both large and small falures thjis week but it was somewhat sharper $5,000 buying agencies,. According to indications at Pitts¬ burgh steel producers have, tem¬ porarily at least,» won their fight a year concerns and military formula. a among the sizeable failures. pre-termination agreements between steel produc¬ on 1944. A is being made in the completion of Bradstreet, Inc. reports failing against 25 last if adequate manpower were avail¬ than tion is intended to put the House, tion extras that 1,717,800 tons week totaled change in the price of these items ers has the base but and Railroad Freight Loading—Carof revenue freight' for bar and , further incentive to week prices on shafting. It is understood that the base price Steel military earliest one ago. This week's operating represents an increase of 0.9 points from last week's rate and is equivalent to 1,661,300 net tons of steel ingots and castings, com¬ pared- to 1,644,800 net tons last can- December 89.8% rate al¬ due to ies mutual understanding can reached between nations and a the filled and with ago: nage added: orders compared for tinplate. Cancellations in cold drawn bar Nations "If completely makers' for rt compulsory service as a policy of nations, Martin continued, would be the greatest single act of statesmanship that could be ac¬ complished in the '. immediate what diiring the current sooner. the examples of how and for types of corporations they would operate. gave many corporations are or ebb. Martin said. refunds installments to the three other features and they Senate-approved legislation had them "An assistance recom- made amortization The the part of Congress. $1 billion available by up backs of net operating losses and unused House with this assumption on on 1946, as ma¬ turity date for outstanding post¬ "3. sent to the White was corporations by per- "2. Fix January 1, tax was be in a exemption from the present $10,000 to $25,000 thus releasing an the ex¬ used cur¬ estimated 12,000 corporations from of 1944 and subsequent this levy entirely and cutting the taxes for about 19,000, will not be available war with im¬ legisla¬ But, added, the bureau position to handle these matters by Sept. 15. should designed $1,540,000,000 mitting the 10% credit cess profits tax to be rently it tion, five-point "1. Make . credits. "The bill :■ deferments and mediate enactment of the , approved by the 19, according to the Associated Press, was to: the for the Bureau of Internal Revenue to set up its administra¬ tive machinery for the handling current also reported that all locomotives some Cancellations on an; order involving 500 for covering all types of steel orders Russia which if not completed by in June surpassed by a wide mar¬ August 31 are to be canceled. If gin the experience in any other- recent schedules on this locomo¬ month this year. Despite this tive construction are adhered to it volume of cancellations, deliver¬ might mean that about 280 locomotives will not be delivered. ies are still quite extended. Validated or rated order vol¬ The suspension on the French and Indian orders will probably mean ume regained somewhat the sharp losses reported last week and that it will be some time before averaged about the same tonnage work is begun on this business. A slight betterment in the steel as in recent weeks. Nonratecl re¬ quests, however, were still at low ingot rate occurred this week with Jr. ed out, of claims for tax until books next. ;-week. time compulsory military training, Representative Joseph W. Martin, Congressional action was com- & on proposal almost universal cry for peacetime , Tax Belief ieasssre Seat to Wliife House pleted counter a mill reach not as sound other , Materials Plan. Customers Military Conscription Proposed by Martin j ft ter, deliveries on nonrated sheet orders will be much easier than at present. Some trade sources say that even if a large volume of cancellations should result from<^ WPBs' move they probably would for India was suspended. It was carry the mills after the end of . from The War; Production; Board was still continuing its efforts to the tight steel sheet situation, but so far the relief has been neg¬ ligible; says the "Iron Age" in its current summary of the steel trade. It is believed, however; states the magazine, that by the fourth quar¬ >, of this business Universal End to rapidly as possible."—The Chamber of Commerce | of the United States. ,f ,9 >., ease The reduction in orders for re¬ When the Senate Finance Com¬ mittee . . which lation producers, processors, or distributors of action of certificate" of a funds of $50,000. further extension of arbi¬ trary governmental authority over which necessity has been granted filed a claim on June 15,1945, for recomputation of taxes for 1943 and enterprise should be favored no An example: A corpora¬ owning emergency facilities for by the government over any other form. "Lend-lease to the respective theatres of, war should cease with the end of the respective wars... "There should be available this year and early tion \ •. . be¬ would 1946,. in organizations should be subject to regu¬ prevent monopolistic practices in¬ . defense national come lation that will jurious to the public. ■p The..State ©S Trade g|§ credit of $100,000, "While it may not be feasible to make substantial reduction of taxes until the cessation of all hostil¬ Thursday, July 26, 1945, t\^o failures. (Continued on But page mofe even 441) in m P ^ vY'/'fYY.'-vv : Y^Y.YY-Y;/ ia: V'Y "■ Y ' Y:.","■-YY"-;;./ ;--\'-'YYV;,Y:Y. ;Y;Y-;Y ...>, "7%.'-YYY "itiy. YYYYYYYYIYYY:'Y YxY; YYYYYYY;YY' "Y;.\. '■;;■YYY v YY v, & FINANCIAL CHRONICLE THE COMMERCIAL Y, jVolume 162 J Number 4406 ItTfuisia^ In a message to Congress on July 17,. President Truman • asked major revision of the Surplus Property Act by changing the administrative setup from a three-man hoard to a single adminis¬ trator, the Associated Press reported on that date from Washington, adding that William Stuart Symington, St. Louis manufacturer only lately sworn in as Board Chairman, was considered . the President's likely choice for the one-man post. ^ — ——*-77—r— Under Mr. Symington's prede- of the Office of War Mobilization cessor, former Senator. Guy M. ,and reconversion, holding that the Gillette (D., Iowa), the board was .agency lacked freedom of action in frequent dispute over certain I and should be responsible only to policy decisions. The situation led ! Congress. A bill proposing such to Mr; Gillette's resignation, and'a separation has been introduced 'vu y •for was advices added: 'weeks- Truman conversations will be resumed in the said. Hurley, of Con¬ A. hav¬ appointed by the late been Act ma¬ the which Congress author¬ ized and it has begun to imple¬ ment the standards which Con¬ laid down for the disposal of surplus property. Regulations already promulgated or in the gress of adoption cover the most important types of property-con¬ sumer goods, plant equipment, in¬ dustrial plants and farm lands. process "House , . comes To dispose of now. manner suming rapidly this growing surplus property in a that will fully achieve the until after This would occur if Hurley and Edward Heller were to resign be¬ fore a single official, presumably declared by Congress Stuart Symington^ could be em¬ will require the most efficient YY possible administrative machinery, powered as Administrator." After his installation as Surplus u "While the present Surplus Property Act was under consider¬ Property Board Chairman, Mr. ation by the Congress the then Symington gave a news confer¬ .director of War Mobilization and ence, in which the New York Reconversion, Mr. Byrnes, recom¬ "Times," in its Washington dis¬ mended the provision for a single patch of July 18, reported him. as administrator, I think experience having said that his approach to the job would be to "handle it hats proved him right. . from the standpoint of maximum ! "In a field which calls for quick also that he at¬ and decisive action, it is undesira¬ employment;" ble to dilute responsibility for the tached great importance to strong objectives the recently "More retiring to Congress that although he the originally shared the view that a three-man board was appropriate, also led him to the belief that the act can best be ad- his experience > ministered by a single adminis¬ "I am convinced that the effec¬ tive performance ministrative the only for the merchandise that be produced in or off them. "Everything," he said, "ought to be sold on the basis of maximum ble can employment, provided it does not interfere with the directives in the act of Congress." Y .. Asked whether he would take for surplus property in employment, the York "Times"' continued, tasks of the vast ad¬ remaining for disposal of the surplus prop¬ imperatively requires that authority to make decisions and responsibility for those decisions should be centralized in a single official. Such an official should erty operate, ajs do all other executive agencies, under the general au¬ thority conferred by the President and the Congress on the Office of War Mobilization and Reconver¬ to New Mr. create Symington said, "Yes, person¬ The advices added: ally I would." "In discussing response operate their own steel mills. whether he would favor Asked Henry Kaiser over United in the Steel steel States disposal of Western plants, Mr. Symington said who was back If Mr. Kaiser was .'it would depend on of Mr. Kaiser. sion. local business, in to questions, Mr. Sym¬ ington said it was his thought that Pacific Coast people ought to own and Accordingly, I request the Congress to amend the Surplus .backed by local interests I would Property Act of 1944 by substitut¬ favor him. ; It is not the person¬ that counts, but whose ing a single administrator for the ality present Surplus Property Board." money is behind him. " Yin an-informal Truman" before report his . to Mr. departure, absolute conviction, 20 some years Y in business, if we don't promote local, Tt after is my Senator Gillette recommended the that single independent business, we are go¬ ing to end up with a few great companies, and that would be administrator form ganization. of < or¬ He also advocated the .removal of SPB from the control attention to our interests." Specifying seven counts in its criticism of United States foreign representation, the comftiittee's report stated generally (we quote from the Associated Press): "The difficulties recited . . . re¬ sult from the failure of our gov¬ ' occupa¬ ernment agencies considerations we should all the in received have abroad to obtain for the return huge contributions we have made in this war. Lack of a ciearly established foreign policy over a very long period of years is a ma¬ 1,000 loans jor contributing cause." Credit De¬ The seven specific counts: Y \ 1. Disposition of servicemen. surpluses loans are as abroad in a manner not likely to follows: bring the-* highest return or fill Medical and dental 46%; Furni¬ the greatest need. Coordination ture and household 21.2%; under a single agency recom¬ ' ' ' * Clothing 9.2%; Insurance and mended. A taxes 8.5%; Business 6.3%; Edu¬ 2. "American rights to fixed in¬ cation 2%; Miscellaneous 7.8%. stallations which we have erected The loans made for business abroad have not been clearly de¬ fined. It is essential that immedi¬ purposes include partially-insured loans made under the so-called ate and careful study be given "G.I. Bill of Rights," according to to future disposition." the 3. Large quantities of captured Bank, although numerous business loans as well as all non¬ goods and munitions not yet in¬ business loans did not fall within ventoried, with no plan for its the regulations of the Veterans' disposal nor coordination with Administration and were based the Allies, particularly on the solely on the credit of the vet¬ possibility of turning it to account eran. against Japan. / ' / local, independent businesses. He asserted, according to the "Times," that the wealth expressed in a machine tool or a plant is valua¬ order provide for their return, the com¬ mittee said that failure to act constitutes "a lack of vigor and the first made by its Personal partment to former The purposes of these less money trator. Y Y tion of analysis less to act casting of the military procure-, ment system under which it said armies short of artillery ammuni¬ ceived aerial bombs of types in starting businesses, according to The National City Bank of New York, which on July 23 released an board members Robert Chairman of the Board has stated Noting that legal title to lendmaterials rests with the States and that master lend-lease agreements specifically new Senate sources point * believes lease- future." ordinary # -• . : "Relatively few veterans care into business for themselves, compared with the number who to go preferred to be employed by someone ielse," said Roger Steffan, vice president of the Bank. "Vet¬ erans afe surprisingly well in¬ formed about the high percentage of casualties nesses among and about the good bargaining position, a negotiations could be engaged in. with the countries involved for United tions in civil life than situation may develop in which the SPB would be power¬ disposal of surplus property. Ad¬ ministration by a multi-member board has complicated day to day operations under the act. inter¬ veterans of World more interested in their still in possible, and certainly they should include captured enemy material." reestablishing their homes and re¬ out that a of volume said that the recommendations of possibility the , and Navy need for Euro-* pean theater bases, the committee said: "And now while we are the rights to maintain them. • Our that international air commerce will all sources of supply for the Pa¬ find many of the airfields built cific war should be exploited to for", war-air transport indispens¬ the maximum, and that existing able to any network of interna¬ stocks of armaments and supplies tional air routes." yy-Yy should be drawn upon first where The committee called for re¬ Occupations are causing items committee "The The negotiations are to be II of to say: Resulting Usual War by Mentioning identical with those now idle in the hands of our Allies," the report went on manufacture Chungking for some Returning reconversion laying Returning Veterans Prefer probably early in Oc¬ reconvenes, That rate is rising sharply rises. Army of the ThreeT. V. Soong de¬ resumed in the nearest single Administrator is¬ is not resolved until Congress sue were prosperity of our international; Contending that the situation extremely urgent and that it was increasing war costs and de¬ was monthly, "If the increasingly difficult as the rate of surplus declarations time. tober. . "The task of administration be¬ for parted that Chamber returns from a sum¬ * leaders. Power leaders mer recess, , lished. for. the. meeting the would not be acted upon policy to the effectuation of basic policies already estab- a the commerce." of J. V. Stalin and than less However, President's tion of in tion of 370 air bases and other fa¬ cilities in Europe may hold the answer to "our future security and turned. because of the departure V. M. Molotov rupted 35% of its inventories of surpluses on hand are mount¬ ing steadily, and returns, to the taxpayer are expected to drop the longer goods are held. costs. place understanding. "The negotiations Press: $50,000,000 sides The upon. Va.), which made an overseas in¬ vestigation and has recently re¬ Government recovering the something The emphasis in the board's task will then shift from the promulga¬ y. of rate with / talks friendly atmo¬ sphere and revealed broad mutual took "The board has chinery both interesting touched were the other. Said the Associated issued: nique had aa their aim frequently been a target of criticism in Congress, "The operations of a three-man mainly on grounds that it was too Surplus Property Board created slow in setting its machinery in by that act have been marked by motion. substantial achievements. It has "Surplus goods are selling at disposal y, questions disposal of all types of surplus property, the ; "This is the text of the commu¬ In addition, record of conflict between the former Chairman, Senator Gillette, on the one hand, and Messrs; Hurley and Heller on 1944, a comprehensive scheme for the declaration, handling and motion future, the communique near SPB had a long of in Russo-Chinese The Churchill. Minister Prime and ,. President Roosevelt. ing "On Oct. 3, -1944, the Congress set and-Generalissimo here, subcommittee headed by M. Kilgore (D.-W. a Senator Harley Stalin prepared to leave for Pots¬ dam to confer with President necticut, the other members, text of the President's message: . Premier of China, after two Chungking for The basis of the Com-, dispatch from Washington. complaints was a report Associated Press by - - - "T. V. Soong, left War Investigating Committee on report issued by the Senate mittee's "The negotiations improvement of Soviet-Chinese relations in which connection the most important Robert Gov. quiring "quick and decisive ac¬ tion," the Associated Press report¬ ed, and gave the following as the A July 6 stated that nothing had been done to untangle the mass of war surplus problems in Europe and recover for our own use in the Pacific lend-lease arms originally sent to our Allies for the European, war which ended before they had been consumed, according to an . Associate^ Press reports; the the named by Mr. Truman, Lieut. Col.-Edward Heller, of California,' and former undesirable to "dilute respon¬ enacted the Surplus Property tions member board only questions which involve-rela¬ between the two countries, tant Stewart (D.; Tenn.). •; The conclusion that.'President Truman would prefer Mr. Symington as sole administrator was based'on the fact that he is the sibility" for a disposal effort re¬ ;i joint communique from Mos¬ cow, July 14, stated that Russia and China have reached a broad mutual' understanding on impor¬ --v.A j by Senator he recommended the change to the single administrator plan. In asking Congress to wipe out the board it created last October, Mr. Truman implied '.his recognition of the disagree¬ ments which split the members under Gillette by stating that it left he before Shipment io Pacific of Unused Lend-Lease firms 9 . a small busi¬ competitive problems which confront any enterprise. One veteran referred to figures he had . . result of the impending evacuation of our troops in France and their occupation of Germany, 4. "As a shown a disposition further interest in the the Army has to have no while it finds it necessary to strengthen the Ger¬ man transportation and industrial system in order to assure itself of proper supply in Germany. While this is a natural attitude on the French economy, Germans the fight to re¬ they, did not want. the report shortage, shell The said, was not the result of failure in factories, but of failure to order in time. F. 1. Vinson iesomes Secretary of Treasury Apparently reconsidering his professed intention ;of remaining, at the President's request, in the office of Secretary of the Treasury Until Mr. Truman returned from ■ Henry Morgenthau, Jr., communication-, Europe, wirelessed another the on the high his was then requesting that be appointed with¬ that his resignation President, who to seas, successor delay so out final. might at once become . Truman sent, Senate on July 16 the nomination of Fred M.; Accordingly the to formal Mr. already selected to suc¬ Morgenthau in the Treasury post, the Associated Press reported from Washington, and the following day Mr. Vinson was confirmed unanimously by voice vote which came soon after the Finance Committee had ap¬ Vinson, Mr. ceed • proved the appointment hearings. . without 't approved by the Senate on 18 was the nomination of Also July John W. Snyder to succeed Vin¬ son as Directoj* of War Mobiliza-- Reconversion, following confirmation by the Senate tion and his Committee. also The Associated Press reported: y "According to present plans,, no successor to Mr. Snyder as Fed¬ eral Loan Administrator will be; appointed at least until Mr. man returns from Europe, Tru-?• ' 48, Arkansas and Missouri, armed forces, it must from emerged today as one of the most be counteracted if we are to avoid seen showing that between 1900 a situation where our enemies fare important figures in the Govern¬ and 1939 some 16 million business better at our hands than our ment.- As mobilization chief he Will direct the home front in the, enterprises started and 14 million friends." \Y yy'YY * closed up." y kY .■ i 5. "The division of Germany war effort. into four zones of occupation has "He is expected to keep a finger very unfortunate for the econ¬ resulted up to this time in vesting in the Reconstruction Finance omy.' «' the control of what has been a Corporation for the present. . As "Mr. Symington would not highly integrated nation into four Loan Administrator he h£s been, comment on President Truman's wholly uncoordinated elements." in charge of it. Under his leader¬ 6. Lack of itemized invoices for proposal to have a single surplus ship the RFC was streamlined for property administrator instead of reverse Lend-Lease services and its role in reconversion, with sub¬ the present three-man board. He goods, preventing reliable ac¬ sidiary corporations merged into said he had not expressed an counting. the parent body. His new posi-. 7. Artificially fixed foreign ex¬ opinion on the subject to the tion gives him such sweeping au¬ President or to anyone else. He change rates which the committee thority that he can decide HFC have imposed a financial said he would be better qualified said policy. y y/'Y.... 1 Y, • . to express an opinion if he had a burden on American service men "Actual operation of the RFC also created problems in few months' experience as chair¬ and man. settlement of Lend-Lease accounts will be handled by its board of di¬ headed by Charles B. "Asked whether he believed and disposal of surpluses; also rectors, surplus property would amount to great amounts of Axis currency Henderson. and profits in the hands of collab¬ a hundred billion dollars, as some "When President Truman re¬ have 4 estimated, Mr. Symington orators who serve the enemy, with impounding made more dif¬ turns. he is expected to, confer said he did not know much about ficult by delay; • / ; with Mr. Snyder and determine it but his personal' opinion' was On the point of foreign installa¬ that the figure was 'a lot top the RFC's future." • tions, the committee said disposi¬ and regulatory "Mr.' Snyder, a banker of part of the . - high.'" • 436 THE COMMERCIAL & FINANCIAL CHRONICLE Move to Tax Aliens The Financial Situation (Continued from first page) specting the and men country. these than The sort preceding threaten great deal is whole structure society, the entire mechanism and, of banished our fear, The one we were how and of 1. , Russia economic our than many of and us of social realize. life having to do relations, programs with as and associated domestic no in any be during the of tually has all, legislation all to of do with labor vir¬ or which during the past decade or more. In an effort to procure the "ben¬ efits" of that seems call us to to be our attention public us to be to a administrative have the right gaining to prefer it. many others who are Conformity Demanded ; These are but a few of the obvious manifestations more many matters as these into the calm light of cold reason. immi¬ not have been may On the other hand, the possession of an immigrant's visa by an alien, upon his initial en¬ trance into the United States, is granted. or in In the investi¬ lar not engaged taxed are in only trade or fixed on or to should such alien. not therefore activities of resident a of this country. Those aliens, therefore, who are properly classified as residents within the meaning of the regu¬ lations referred to above and un¬ der the general rules of law re¬ be the - 3. The most important class of aliens with whom the Bureau is concerned are those who, having United States whose fixed determinable annual or peri¬ required to file returns nonresidents of the United States business with¬ or attention given periodical or the all sources, both within and with¬ out the United lating to what constitutes resi¬ dence, should in every case be realized profits on securities trans¬ actions or otherwise, claim to be $15,400; (3) Form on 1,040 accounting for income from States, including Furthermore, all and have thus failed to file proper income tax returns even though nonresident aliens who they are in fact residents of the United States. In connection with and the general question as to what constitutes residence in the United trade Very little difficulty is taxable are of the the under of of quired section 211(a) be is, in general, withheld - source under section at Internal Revenue Code. With re¬ tax at quired to of 30% .withheld are at for 1040NB(a), the balance respect of viduals engaged in trade within the United or ness aliens entire within ing are ac¬ the those indi¬ to busi¬ States, subject to tax income from capital sources provided in section 211(b) of the Internal Revenue Code, the phrase "engaged in trade or business within the United States" does not include the effecting, through a resident broker, commission agent, or custodian, of transactions in the United States in commodities, or or securities. It fbllows a nonresident by as something which be less than v. Bowers, other used the alien, not other¬ Bureau domicile. 24 words, F. in all may (Bowring (2) 918.) residence, In although the equivalent of domicile connection with probate mat¬ in as ters, succession taxes, and inheri¬ tance taxes, as well as the estate tax law, is not necessarily the same domicile for Federal in¬ as tax It purposes. is stated in section 29.211-2 of 111 that an alien Regulations actually present in a the United States transient mere who is not sojourner is or resident of the United States for a the purposes of the income tax. It is also stated in that section that if he lives in the United States and has no definite intention his stay, he is a resident. who more, one United in stocks that construed rulings come States, includ¬ gains. However, as primary im¬ ing a tax on the entire income of aliens, if resident in the United States, and residence has been on the United of one States for as to Further¬ the to comes definite pur¬ a who have been engaged business or within in this country at any time during the taxable year should file complete returns on Form 1040B, account¬ ing for their entire income from mixed question the element portance. The Federal income tax laws have been uniform in levy¬ gains. are physi¬ cally present in the United States and fact of intention is are Form With their the deter¬ or required to by the individuals in such on counting such re¬ or periodical in¬ also subject to sur¬ returns be filed cases is annual and tax. be they come, rate from their fixed source minable tax the a of law and the spect. to the second class, although a that residence is re¬ 143(b) of the capital States it should be borne in mind Code at 30%, and the entire tax to en¬ Such aliens Internal Revenue rate amount our who do not scruple impose) and to bring such to visas such spect to the first class. what gans and the natural emotions of the times (on which there grants' ordi¬ engaging business. though even countered in connection with the collection of income tax with re¬ the officials hesitated to deny power to lead the American of individual bar¬ people to cast aside the slo¬ constitute or behalf own intention an to become residents of the United States not conclusive of his classification 2. say never visas, thus indicating other others, would to • the immigrants' on' as aliens engaged in trade or business within the United States; (4) resident aliens. well situation do what little lies within of in order re-entry nonresident alien claiming not to be engaged in trade or business within the United States particu¬ nonresident bargain¬ ing" for the majority, if it is fraught with hazard for the future df the the country, and to majority, the legislators and narily fall within the following (1) nonresident engaged in trade duty to of the. alien's on behalf trade classes: income; (2) nonresident aliens time. It nonetheless American seems "collective to the of for States who machinery usually is—at a However, certain third country a qualify gation of the tax liability of any determinable annual the least for to within sources of applications by such aliens business within the United .States value, of this kind "unity" into question at of result on aliens ly all of our so-called social the present time. We have re¬ security legislation which peatedly observed, as every other bbservant citizen has, obliges large numbers of per¬ how quickly the sons to make propaganda "contributions," machine can get into and in other opera¬ ways to take part tion to "discredit, if not to in broad measures which may or may not have majority blacken, the name of any of the minority who has the support in reality, but which certainly do not have uni¬ temerity i to speakpujt his hiind versal support. It is a salient plainly, and how successful characteristic the as to enter States, including capi¬ gains. erty, general calling "necessity," hot to even great number have been made activities, such as the buying and selling of personal or real prop¬ on purposes Speaking course, of the hazard of one through virtual¬ income tal United consid¬ in the stock market the commodity exchanges. Attention is invited to the fact that aliens for Federal income tax reasonable man's mind. are, the the United transactions in We aware any reasonable examination of the facts. It runs in odical income exceeds poli¬ other points, as may easily discover by stay accumulated derived from come in and or no their have erable doubt Time for Plain less present many United States to the substance can of Internal Revenue: Europe, on account of war conditions and who international cies, but it is at tion"—but of it all there temporary permits, numerous of such permits have been applied for and granted and extensions origin, "cooperation" often than "unity"—it now be called "unity" often than "coopera¬ more on to tax aliens country, issued the The Bureau has under especially they as of the United example, while the vast majority of such aliens orig¬ inally entered the United States Washington, through John D. move long so the shores For a was con¬ called p s may at the moment in the pressures exerted in support of vari¬ a more It is conspicuously in evidence ous il at visa or reached consideration the question of the tax¬ gains, profits, and other income derived from sources within the United States by aliens'4' * :— who have left their country of subject to tax on their entire in- a more office passport States. ation of capital stantly thrown up in our faces great deal of our accumulated by substantial elements in the wealth, is at stake. population not without stand¬ This essential principle of ing in Washington. The phe¬ running rough shod over nomenon is definitely not of minorities, when they can not war origin, or at least it did be beguiled or bludgeoned not originate in this war. In into joining the majorities, the earlier days it was per¬ has permeated much Revenue following notice to Collectors Germany by "unity" had unemployment — course Internal Nunan, Jr., incident to the Treasury Department's whose income is derived from sources within this the attainment of economic we of In the years 1939, often told more involved. now another. or Deriving Income From Sale of Securities, Etc., Within U, S. . ghosts up evils a that conjured Today much of same again, but of women Thursday, July 26, 1945 within sources this in¬ country, cluding capital gains. 5. In view said above, the Bureau of the are what field has been officers of requested to take prompt action and set up the nec¬ procedure for the purpose essary of investigating those cases where it is evident that the aliens have made gains from ' dealings in stocks, securities, commodities and similar transactions, to the end that aliens engaged in trade or business within the United States, and those who are resident aliens, be /properly taxed on capital gains and that only may resident trade aliens not engaged business States shall or United such non¬ in within the be relieved of taxation in this respect, as pro¬ vided by sections 211(a) and 211(c) of the Internal Revenue Code. r 6. , In ,. connection amination of with aliens, the ex¬ information should be obtained regarding (a) date of arrival in the United States; (b) whether members of the alien's family accompanied pose which in its nature may be type of thinking. Case The fact of the matter him; (c) type of visa or permit is, of wise engaged in trade or business promptly accomplished is a tran¬ of issued to him; essentially the course, that "democracy" as in the United States, would not sient; but if his (d) - reasons for purpose is of such be subject to tax on same capital gains, type of action is to limited or coming to the United States; (e) exemplified by merely by reason of such trans-1 a nature that an extended stay whether the alien registered un¬ found in the administrative rinfiAnc necGsqarv for its accom„ these concepts of inc ^ lIcCGSSary lOF ITS altOIu "coopera¬ actions in commodities, or cf r\r»lr stocks,, plishment} and t0 that end the der the Selective Service Act; (f) rulings of the innumerable tion" or or securities. Special attention, what funds, "unity" is the very securities, or other auen makes his home temporarily agencies of government in' personal property were negation of what our fore¬ should, however, be given to the; brought united States, he becomes cases of aliens who derive into profits the United Washington. There is no need fathers States by the thought of as "lib¬ from these transactions and who a resident> though it may be his alien to enumerate them. or transferred to his ac¬ Indeed a erty" or intention at all times to return to "democracy." That claim to be nonresident aliens not count, or held for his benefit di¬ mere listing of them would any one could define the word engaged in trade or business with- | bis domicjie abroad when the purj pose ^or wj1jci1 he came has been rectly or indirectly through norni-* in the United States. require much more In this connees or this ' way space in otherwise, prior to or after is evidence consummated or abandoned. These than is here available. nection it should be pointed out his arrival; (g) whether he Most per¬ provisions of the regulations, it is enough of the influence of that the term of this after case . m business and men, a great communistic or has the ities dd their share toward presenting a "united front." This, practice has, of course, elections to It even would not were the taxable United year specifically as orovided^by section 211(b) °^the It follows, Code. therefore, if any be ( that( of the aliens of this class nerform personal services in the United States at any time during the taxable year they would be held each year the the of Personal United States at any time withm, though bona fide determine the thought, will cover many cases of aliens who, by reasons of condithe performance tions stemming from the war, have service within the, come to the United within States" includes forever slaves to the majority. vaguest if any legal basis, and free thus are business or citizens, have ing, not merely "during the personally acquainted war years but for a decade or with the "pressures" which two prior to that time. ; No can be (and often are brought people is free whose minor¬ conform e "engaged in trade fascist think¬ many ordinary become upon individuals to to "policy" which or indentity of States, 4< Attention jast sentence is of invited section Regulations 111, which v the to 29.211-2, states that ab alien whose stay in the United states is limited to riod by resident within a definite pe- immigration laws is of the' United not a States the meaning of that section, in the absence of exceptional majorities or even the sary restraints upon the indi¬ circumstances. The general rule run riot since we have been programs of action if these vidual are at opposite poles adopted by the Bureau is that the no matter who engaged in war, but it long programs themselves is the author type of visa issued is only one of unduly of the restrictions. antpdafes our participation in interfered with the We have day-to-day this global conflict—indeed it affairs of the so often individual. It spoken of Russia as antedates the outbreak of is of the essence a of real lib¬ fighting in 1939. democracy and as "free¬ a dom loving" nation that we erty and true "democracy" as those earlier years we Americans have understood it appear almost altogether to were required to stand to¬ for a century or two that the have forgotten what suph gether against a "common. individuals be without un- words mean. * In x • enemy/' i.e. "injustice," and , "depression," a dozen other i necessary restraints from any one. Democracy and t It is essential that unneces- i from our dreams. .... , wake we - elements entering into the classi¬ fication of the alien or nonresident. there will the are many come cumstances1' that many of a resident It is believed that cases under absence as now which the phrase "in exceptional cir¬ because of the fact visitors' permits, visas, were issued or temporary to aliens who desirbd merely to get out of the war-torn country un¬ der any conditions and under any formed personal services or en¬ gaged in any other business activ¬ ities within the United States; (h) complete disclosure as to capital gains from dealings in securities or commodities; (i) whether he owns any real estate in the United States in his own name or in the* of name a entered nominee; (j) if the alien United States on a the temporary times permit, has it been how many renewed; and (k) has the alien applied for or< been granted an immigration visa otherwise declared his desire intention to reside in the United States. •• or or • 7. I.T. 3386 holding that country States had time war dent a who on a been • (C.B. 1940-1, 66) subject of entered United temporary visa renewed during from alien is modified a which time continuance has the status of with the foreign a the of to the nonresi¬ to accord foregoing principles. JOSEPH D. NUNAN. Jr., Commissioner. ^Wf Number 4406 ^Volume 162 I ,i llili -l||f;|lo Provide for Veterans Families legislation recently signed by lalisnal Approve War lioissing Law Changes families of returning veterans and families of men still in the armed services, and promises additional relief as needs of war workers are met in the future, National Housing Administrator John B. Blandford, Jr., explained on June 29. amendment," Lanham "The stated, "applies only to ' ilies supply. While the greater portion of our Federally-owned war housing the • must continue to serve of and veterans workers in servicemen civilian J ,;,. "Obviously, .legislation to been other in have been met, he this in Discretion said. matter placed with the Regional has been now war as soon as areas occupy the the the purpose of is to help meet Redaction Planned in distressed families of veterans and servicemen and the Food Subsidies National Housing Agency will be directed toward that goal. First attention must be 1 paid to the most serious cases." The FHA advices state: of efforts ; the A instructions on provisions of the "Temporary carrying out the 'new as issued by KlutzPublic Philip M. the t Federal Commissioner of ; according to Associated from Washington, July 14, which added that the ob¬ jective was to ease adjustment of farm prices to post-war conditions Press Title V of the Lanham (Act) already have been nick approximately $1,- of year (Public Act 87, leaders, amendment ?> known plan which would result in 500,000,000 by increasing prices of foods to replace subsidies is being worked out by Administration . reports Government reduce Authority to all managers of housing affected by the act. More detailed procedures will follow. Commissioner Klutz- and explained that the new polall Federally-owned housing under the NHA built with • nick icies apply to • • ■ war it "ex¬ housing appropriations, those cases where housing projects or parts of projects are programmed and designated ex- cept for slusively of a workers war specific industry or installation or '.employees or military personnel of the Army and Navy. v >^amiliesY ot housing the after eligible* only been have heretofore veterans civilian war workers have been met. Hereafter in cases of distress such families will be equally eligible with inmigrant war workers. r . "The instructions define a dis¬ tressed family of a serviceman or veteran as "any such family without housing, either by reason of eviction or inability to find in the area housing within its financial means. v This includes the return¬ ing veteran who because of housing shortage is unable to find a dwelling in which he can re¬ needs for in-migrant ■ ' . Families of include deceased servicemen establish his family. servicemen of families and and veterans veterans." "We're with the - > : particularly concerned suf¬ families who have fered from evictions and who can¬ prices necessary to obtain not pay to ex¬ penditures. From the Associated Press we quote: The subsidies involved are on the important food items while at same time providing greater farm for incentive production; and the so-called "roll-back" sub¬ sidies set up in 1943 when of foods some were prices reduced 10%. Anderson is leading inter-agency discussions on the plan. Friends say he believes it could be accomplished by an up¬ ward adjustment in industrial wages, now controlled under the "Little Steel" formula, without Secretary adding inflationary new any threat. The contention that increases in and prices would not be inflationary is based upon the wages bring on the war with next year and deflationary factors in¬ cident to industrial reconversion. assumption Japan will that end subsidies the of Elimination would increase the country's total food bill about 5%, Agriculture Department economists estimate Consumers are buying food at the rate of about $30,000,000,000 year. ,• / Food items clude and the established. rents in the projects may obtain adjustments within prescribed limitations in which the Gov¬ on is dairj manufactured most products, bread < paying subsidies in¬ meats, butter, fluid milk ernment private rental housing," said Mr. Blandford. "Families unable to . flour and indirectly and, products vegetables sugar, pay line with their income to prevent bakery and canned Y fruits dry beans, peanut butter, lard and soy-bean products Supporting the subsidy aban¬ donment idea are several major hardship, as provided in the Lan¬ farm ham Act."; bloc in Congress. Specifically, says the FHA, the amendment authorizes Lanham / "1, Cooperate with communities making available all possible and organizations a strong Back of the pressure to wipe out the subsidies is concern over post¬ agricultural Anderson and prices. many Mr farmers ex¬ commun- pect farm prices to go down after the" abnormal war market fades housing sunp]y to veterans and servicemen's families in 'dis¬ They also expect a public demanc for curtailment in Government tress.' expenditures. in accommodations in the ity • "2. Make available Federally- such fam¬ 'owned war housing to "3. Move Vacant temporary war housing needed ■ • • • ; erect to for new places such where it is families; " and temporary Federally-?. owned housing if necessary, when v Mr. fects if and funds for such purpose are made available. No funds are currently available for such pur¬ poses." Mr. Blandford pointed out that ; Anderson on harmful ilies. - adequate—military research in peacetime. It is essential that the civilian scientists continue in of promoting a for scientific re¬ Scientific and cations the Collabora¬ believes the ef¬ agriculture will be less if the subsidies are re^ high and the demand is good rather than later when prices have declined Under the subsidy program, the actual prices (or T returns) re¬ ceived by farmers are hidden, so to speak, from the consumer. The consumer pays only part of the price on the subsidized items. moved while prices are The Government pays the rest. Dr. Bush said that an adequate for Federal financial support of basic research and sci¬ entific education, as proposed in his report, would cost about $33,000,000 at the outset and. might, rise gradually thereafter. Dr. Bush, in urging immediate legislative action to create the Na* tional Research Foundation, said: action "Early mendations these on is .r:;.K Europe as scientific research. Moreover, we depend upon , a major source of this capital. Clearly, more, and better research is to tial go around post-war must be our Theirs is knowledge to turn the wheels of private and public enterprise." Bush Dr. his prepared mendations on t But on the score of the stability of the world, our friends and they scientific new state. escape that totalitarian include men who have been very close to the San Francisco conferThere ence, can offer nothing tangible. of employment. stream of a ?rybody agrees that foreign necessary if we are to ?n(\ essen- one achievement our of full goal recom¬ imperative scientific is scientific capital. cannot any longer program recom¬ the basis of reports hope. a , . , of them, for example, as to whether ^ Yugo¬ slavia should act up against it Put to up Greence—and one don't we to mean if this made to him by four committees: pick on these two countries-— of Medical Advisory Committee, Dr. whether the pact which has been ahead. W. W, Palmer, chairman. Bard arrived at, could prevent war. nation is to meet the challenge science in the crucial years the On which with wisdom of Medicine, Columbia The consensus is that it could not University, New York City, and unless Britain and Russia were we Professor bring science to bear in the war against disease, in the creation of director of medical service of the determined that it should.1: vitally in¬ fracas between Presbyterian Hospital, New York; strengthening of our armed forces depends, in a large measure, our Science and Public Welfare Com¬ terested mittee, Dr. Isaiah Bowman, Chair- Yugoslavia and industries ; future as in nation." a In part the President of Johns Hopkins man, These two countries would be the new in a and G r e'e c e t and Russia, to date, certainly, shows University, Baltimore; Committee that she is not within the spirit of on Discovery and Development of (the pact. Scientific Talent, Dr. Henry Allen There is another thing quite Moe, Chairman, secretary general important to our would-be in¬ of the John Simon Guggenheim vestors in Europe. Any stability Memorial Foundation, New York in Europe is likely to be a Com¬ advices in the mat¬ ter state: report recommended a provide 24,000 under¬ graduate scholarships and 900 graduate fellowships, which "The program to would cost the Government about City; and Committee $30,000,000 annually when in full operation. Each year under this p r o g r a m 6,000 undergraduate scholarships would be made avail¬ able to high school graduates, and 300 fellowships would be extended tion of Scientific Information, Dr. Irvin Stewart, Chairman* Execu¬ that offer a fertile field of tive the to be scientific time- of in or Tax other Ohio), Dr. taxes let Government pro¬ private industry in conducting research, and urged, modification of ceratin the both of the On "The *' should helo its research to industries which do not new. The United in the to scientific war now States was util¬ t control of the To sum we are up, the men with whbm and they to know, been talking, in a position have men re¬ July 16, and he added en¬ going to have to pay." specific; maintain the progress in med¬ 4,r on Senator discussed _,j after production full swing again and business are icine that has marked the last 25 1 economy especially small-plant own¬ ers and those who plan to build new facilities, ought to know in advance what sort of taxes they Dr. Bush said that ' civilian men, knowledge." also to moving back towards government. is Mexico, the foreign, or the world trade out¬ in anv such fashion. They look are decidedly pessimistic- aboUt mind, subiect study. Taft said revenue he There is no in proposals but that he believes the should have immediate •" ""v •- through so dence of the smoothly is'not- evi¬ its effectiveness.1 it is of lack of really more of a case interest have ;an>j2fWful about pact before pi any The fact that it is sailing Francisco in been it. Herculean; made to The obviously failed. American people, according to the polls, are for it 9 because Efforts dramatize it. they are to 1.- That is for anything purporting* to insure peace," ^ u ) ■ San likely to be disillusionment of They have had v it, indeed. moons. in against disease in the report. what know men "But 1947 should see the cause 1947, and thus lot to prevent benefits of basic research to reach ize ought to pre¬ reducing now in a long Leftist run. Oh our continent, the pro-Com¬ munist labor leader Toledano, in own further said: the patent system abuses which re¬ flect discredit upon a basically sound system. In addition, ways strengthening found The recent elec¬ in for (R.¬ he gaged in getting back to civilian production and they won't be making much money anyway." He penditures as current charges against net income, and by be that "most businesses then will be regard to the deductibility of and development ex¬ should business ing said research so ,as Taft ported the Ohio Senator as hav¬ ties in the Internal Revenue Code in as that it is moving sharply to the left. Australia is Associated Press, Washington, re¬ projects by clarifying present uncertain¬ industry in are being destroyed or divided they were in Russia.; up; contemplate our own domestic conversion to peacetime manu¬ post-war possibilities; that is', the facture. "I don't think it makes opportunities for monejt mdking and employment here at home, so much difference whether -tax with optimism. They do not {view reductions are made in 1946," the Internal he said: this point, Government effective of the Revenue Code and the patent sys¬ tem. moving to power, holdings Take Britain. expect in a period which he be¬ lieves will see the first real surge vide suitable incentives to provisions A. reporters pare stressed the necessity Bush having Robert told thought Congress legislation national emergency." of are property just up 1947 Business on Senator technical work or war the tions may show Government service in connection with Communists Tafl Favors Gut in into to can divided and call subject of Office the a Reserve Science. National would constitute would of Does Ameri¬ investment? In Poland, in other countries in which the munist dominated stability. ment. and scholarships such receive fellowships Secretary Publica¬ on Scientific Research and Develop¬ Those' who college graduates. ■ », would capital rv.-V , such handling of world as this, that our friends have been besieged by potential venture capitalists as to whether they thought the San is It portion of those some Basic search. tion." > war the NHA to: t more they made so effectively Research and Development, in a during the war. This can best be Francisco conference would really report that he submitted on July done through a civilian-controlled bring about stability in the world. 18 to the White House. The report organization with close liaison Naturally our men of finance is titled "Science — The Endless with the Army and Navy, but don't want to go off and invest in Frontier". with funds direct from Congress, Yugoslavia if that country and The report, prepared at the re¬ and the clear power to initiate Greece, or that country and Italy quest last November of President military research which will sup¬ are likely soon to be in a war. Roosevelt, recommended: plement and strengthen that car¬ They have before them the ex¬ "(1) That the Foundation be ried on directly under the control perience of the General Motors formed to develop scientific re¬ of the Army and Navy," and Ford plants in Germany The OSRD director discussed which the Russians are moving search, financially support basic research in non-profit organiza¬ the relationship between scien-*) bodily to Russia. Similarly, on tions, encourage scientific talent tific advancement and employ¬ this continent, if there are to con¬ in American youth by offering ment. On this point, he said: tinue to be revolutions and dis¬ "One of our hopes is that after orders in Latin-American coun¬ scholarships and fellowships and the war there will be full employ¬ promote long-range research on tries, their investment risks are military matters. . . 'V • ment. To reach that goal the full multiplied.; Everybody s ee m.s "(2) That the Foundation con¬ creative and productive energies burned over our experiences of the sist of nine members to be se¬ of the American people must be twenties, when American venture lected by the President and be released. To create more jobs we capitalists were browbeating ^and responsible to him. They shall must make new and better and bribing Latin-American dictators serve four years and without cheaper products. We want plenty to borrow money, out of which no ot' new, vigorous enterprises. But compensation. good ever came. ' "(3) That the Foundation have new products and processes are This investment in foreign the following five divisions: Med¬ not born full-grown. They are countries in order that they can ical Research, Natural Sciences, founded on new principles and buy from us, seems to be the for¬ National Defense, Scientific Per¬ new conceptions, which in turn eign trade which is contemplated, sonnel and Education, and Publi¬ result from basic scientific re- largely those which the Govern¬ ment established to prevent in¬ creases in consumer ceiling prices Housing venture down there. . increased costs to food consumers next set-up it is assumed Amer¬ a ican and — which communities where it many worker needs of needs more contributions to national security eligibility as workers war be must (Continued from first page) such say: peacetime Representatives of the Adminis¬ trator,v who will resurvey the situation periodically with com¬ such housing as is vacant and that munities, war industry manage¬ which becomes vacant, except for ment and labor, and the War projects exclusively reserved for urgent war production needs. Manpower Commission." *■£/<-. will have the same , policy "There Congress by this to Bush had director of the Office of Scientific for eligible possible to relax occu¬ pancy restrictions. This type of housing will be made available occupied—distressed families 92% Concerning the importance of military research in peacetime, Dr. Washington Ahead Of The flews universities; in and From medical proposed, by Dr. Vannevar Bush, fam¬ servicemen's and already v are has strategic war industries — and family accommodations are now ■ purpose national privately financed war housing in housing over-all schools should , to basic search and scientific education is veterans' Federally- the for financial support research in the medical National Re¬ a Foundation search he* owned war housing, which is lim-r ited in quantity in comparison to the Establishment of the extend Proposed by Dr. Bush tress among Government years, Policy for§ ;Mi Research, Education amendment to war housing the President will make it possible to take care of some cases of dis¬ The ; V<tsK,i«fflJJ'ftUtfal^Wr«fH ifVj?' W^W*W«WiWtfWwiWftwtvWilkAMSWftWsJ FINANCIAL CHRONICLE THE COMMERCIAL & t 'i i z > t i:\ THE COMMERCIAL .438 To & FINANCIAL CHRONICLE of prominent American citizens put their signatures to a plea to President Truman to use was the Roosevelt economic of the United States in sup¬ diplomatic power of port and five-point program a to out the Yalta agreement of carry "free, unfettered elections" in Po¬ land, according to an account ap¬ pearing in the New York "Times" on July 19, which continued: Herbert President "Former Hoover, Alfred M. Landon, former Governor of Kansas; John Dewey, agreement, itself described in as respects some a House Four members of the United Nations said. Rehabilitation " Tf Russia in succeeds impos¬ ing her will to this extent, despite the Yalta agreement, she will be encouraged to apply the same im¬ perialistic methods to all central Europe with East, Far the and ultimate disaster to us ber to investigate Buell, former "The memorial said its signers Chairman of the Foreign Policy were 'opposed to war with Rus¬ Association; the Rev. Robert I. sia/ and that they had profound Gannon, President of Fordham respect for the Russian people University; the Rev. John La and for the military achievements Farge, editor of "America"; Su¬ of its army. zanne LaFollette, author and edi¬ 'Though Russia is a totali¬ tor; John Chamberlain and Ben¬ tarian State, there will be no war, jamin Stolberg, writers, and provided the leading democracies George Creel were among the* of the world are firm, united and relief activities "Warning that 'a policy of one¬ sided appeasement of totalitarian¬ ism can lead only to disillusion¬ ment, frustration and grave peril the American to said morial people/ the Polish the me¬ question not yet been settled. had "It charged that the the of Lublin 'But regime and if foreign policy of weakness, hesitation and immoral compromise, despite our overwhelming power and prestige, then of Polish new Government consisted of 17 hold¬ overs just, in deeds as well as in words,' the memorial continued. they a fear for the future peace we the continue world for and democracy at home.' "The memorial charged that the 16 Polish leaders arrested by the only three from the London group, none of whom was 'a member of Russians the Polish Government which was Red Army by a guarantee of safe conduct from the Soviet High ally throughout the war.' our " 'By tion no stretch of the imagina¬ this be called can fulfillment OWI honest the of even an Yalta the result of a for the Office the agency is to abolish its foreign news bureau, which supplies the American press with news from foreign broad¬ casts, principally Japanese. In an¬ nouncing the plan, Neil Dalton, domestic opera¬ tions, stated on July 16, according to Associated "Press advices from Washington on that date, that he estimated it saving approximately a of It year. was in result would a $70,000 Gordon, bureau di¬ rector, has notified employees that it will be abolished thirty days after the twenty-four em¬ ployees have received formal notification. The twenty-four em¬ ployees include about a dozen " Mr. Dalton said s, discussions ' are ■under way with the Federal Com¬ munications It compared their Commission the trial with the 'purge' trials of 1937 and 1938." to Com Govt. Silver President Truman have agreed that 300,000,000 ounces of the idle government silver shall be used for In effect, said Asso¬ money. ciated Press accounts from Wash¬ ington, this "monetization" the Treasury 000 in silver to means issue $387,000,- can Joint Congressional Economy Committee that the United States 72% paying was of the and that 35 costs countries ciated asso¬ alleged to falling down in their commit¬ be ments. According ciated Press the the to Asso¬ committee fulfilling their contribute 1% obligations of their income to UNRRA. It also heard that the United States and Canada filling most of the food re¬ quirements of war-stricken coun¬ The press advices went ort it .stated. was Mr. Byrd released figures show¬ ing that through June 30 the United States had supplied all the lard, margarine, soy bean prod¬ . ucts, milk and eggs distributed by UNRRA, and had shared with Canada the meat contributions. Canada supplied 19,983,194 States provided of canned went in two "1. the would have money interest, to be were which paid if obtained the interest of canned "meat lunch" 11,709,917 pounds of fat, cuts. pounds 702,- meat and 292,751 pounds of liverspread. Mr. ac¬ put $246,000,000 Treasury as "seignior¬ age." tual monitoring of foreign broad¬ casts is conducted by FCC. The OWI and foreign news distributes bureau digests the broadcasts. tary Pay FHLB Debs. Announcement July on 10 by Everett Smith, fiscal agent of the Federal Home Loan Banjts, dated that $50,000,000 Debentures of Consoli¬ the Federal Home Loan Banks would be paid in full at maturity July 16. The announcement added: "Although part will be arranged for,through a short t^rm issue to October mature will be 15, 1945, there public refunding. This 15th maturity then will no October -be the "free This use. cents silver" an pnly indebtedness of the in silver an Hendrickson said, mean¬ tutions of the Federal Home Loan Bank System for financing homes or other purposes will result in substantial public financing in the future. "The existing list of subscribing dealers and dealer banks will be maintained and notices of coming offerings will be sent past," as in the amounted June military stocks next six months for during in use the Europe. to announced July 18 the election on W. Woodruff and Stu¬ of Robert art M. Crocker Trust as directors of the Company. Woodruff, Mr. Chairman of the Executive mittee of the Coca-Cola Com¬ Company, educated at the Georgia Mili¬ was tary Academy and Emory Univer¬ sity. Successively connected with the General Fire Extinguisher Co., Coal Corp., he joined White Motor Co., later be¬ Atlantic Ice & President Mr. Woodruff pany. the 1923 com¬ President was Coca-Cola to been that of Company from Chairman of the 1939, 1939 to Chairman of 1942, and has the a Executive Mr. Wood¬ director of the Coca-Cola undertake the Company and subsidiaries, Conti¬ nental Gin Co. (Birmingham), Trust Company of Georgia (At¬ lanta), and National Foundation for The Congressmen named to European investigat¬ Representatives King are of average ounce. To (D.-Cal.), Robertson (R.-N. Dak.) D'Alesandro (D.-Md.) and Hagen (R.-Minn.). ined by Italy 47 metal stock to $1.29 an is the lawful up since that price of monetary silver. "At 47 cents an ounce 300,000,originally cost the gov¬ ernment $141,000,000. If this much silver were monetized, its value would leap to $387,000,000. The difference in value, or "prof¬ it" to the Treasury, would be $246,000,000. This is called ounces "seigniorage." "Senator Murdock Infantile trustee July 14 to the New York "Times': said: Japan meeting: on After notification had been given and States, Britain, Russia and China and France, the announcement was made tonight. became was more a and sudden than unexpected. In perhaps the most dramatic way open to this utilities After fields. receiving the bachelor of science degree in 1920. He began his business career with Radio Corpo¬ ration step is serving with the Navy's North Sea Mine Fleet in World War I, he completed his studies at Harvard, to the Governments of the United "The he Crocker, President of Co¬ lumbia Gas & Electric Corp., has long been identified with the elec¬ from Rome "Italy declared war at yesterday's cabinet Paralysis; Emory University Martha Berry School, of Georgia, During World War I, he served as Captain and Major, Ordnance Dept., United States Army. trical message of of America. assistant In he 1922 Owen to RCA and and General following Co., appointments Vice-President United Electric and Electric as Treasurer Securities of Com¬ Vice-President of Interna¬ nation, it will serve to bring home Big Three, particularly the British and Americans, Italy's de¬ Vice-President of General Electric issuance of "credit money." termination Co., he Finland all issuance would of be less silver also said certificates inflationary than July following 18 "Sun:" is from which she "The from the London New York "Exchange Telegraph re¬ ported from Helsinki, that Finland pay Russia a war damage will assessment to do all she can in the final stage of the war against that remains of the Axis, of to Pay Russia Damages The to the of $50,000,000 in gold during the year beginning Sep¬ tember, 1945, under terms of an agreement signed today." word was once statement of the a proof of declaration said that alism her will to fight aggression and wherever they tional General Electric Co., and elected President of was Columbia Gas & Electric Corp. in 1943. Pittsburgh; and Economist, Irving Trust Company; from April, 1942, to December, 1944, he was part-time Consulting Expert in the United States Treasury Department. com¬ give the imperi¬ challenge the United Nations, even if geo¬ graphically Italy's interests were not directly involved. meeting of the Board of a Directors of the Bank of the Man¬ hattan July Company of New York on 19,Murray Shields was elected a Shields duties mist Vice-President. will Sept. for the assume 1, acting bank. his as Mr. of E. Chester Gersten, President of the Public National Bank & Trust Co. of New York, that appoint¬ ed Assistant Manager of the For¬ eign Department. Mr. Macguire announces Samuel C. Macguire was National Public the to comes Bank after having been for many years identified with the foreign departments of the Chase National Bank and the Guaranty Trust Co* m The Board of Governors of the Federal Reserve that nounces System the an¬ Trust Merrill Company of Bangor, Me., a State member, absorbed on July 2 the National Bank of Calais, Calais, In connection with the ab- Me. scorption branch a lished at esiab* was Calais. With the absorption Jiily 2 by Norfolk County Trust Com- the of Brookline, Mass. (a State pany member of the Federal Mr, new Trust at Norwood. Admission Federal Re-* banks in tered a the to System of two state char¬ serve Indiana, Pa., with* capitalization of $475,000 total and total deposits of $14,500,000 is by President Ray M, Gidney of the Federal Reserve Bank of Cleveland, - This brings announced 715 to the number banks in the serve banks of member Fourth Federal Re¬ District.v The new member are the Savings & Trust Company of Indiana, Pi.; organ-) ized in 1902 capital Bank of and ana, Pa., with with a present $250,000, and Farmers & Trust Company of Indi¬ a organized in 1876 and present capital of $225,000* other banks, they serve ars With agricultural and coal mining area with an estimated population of 50,000. The Savings & Trust Com¬ pany of Indiana has deposits of $8,760,000.; Its officers Lewis, President; S. are: E. Shields, E* M. Jack, Vice-President, H. T. RankingTreasurer; Robert E. Lewis, Sec—, retary and Trust Officer; Roy S.¬ Stephens, Assistant Treasurer, an<3 Myrtle C. McQuown* Assistant Secretary. :: ■ Farmers Bank & y . Trust Com¬ of Indiana, Pa., has deposits $5,740,000. Its officers are; pany of William James John A. Simpson, President; Mack, Vice-President j St. Clair, Secretary^ W. G. Treasurer and Trust Officer; JV Anthony Graff, Assistant Secre¬ tary and Treasurer, and Miss Buela M. Brown, Assistant, Trust Officer. y Admission of the Midland Bank* Midland, the Pa., Federal to membership iri Reserve System was' July 21 by Ray MV Gidney, President of the Federal announce on Reserve Bank of Cleveland. Mem-banks in the Fourth (Cleve¬ ber land) District Midland population the steel 1913 of mill four which in and near city on the Ohio from the Ohio was the The serves 8,500 miles line, as total 715. now Bank, incorporated Midland Trust Savings ira 8c Company. Its name was changed to. Midland Bank in 1935*The present capital is $100,000*'' President Moorhead. econo¬ following his graduation, occupied the following positions: Assistant m Reserve System) of the Norwood Trust Company of Norwood, Mass., also a State member, a branch was es¬ tablished by the Norfolk Count# State At Research, Business University River part. accompanying plainly Italy, her liberation plete, wished above all to forces of pany, of Bureau D. Young, Chairman of the Board of jH *.r Tanners Council of America; Mr. "monetize" A wireless Bureau, As¬ sistant to President, United States Leather Co.; Assistant Director, Survey Trade rector, anty Trust Company of New York, plus the twelve District Banks. "It is contemplated that renew¬ ed demand by the member insti¬ banks of that it cost of this silver would instantly bring the value of that portion of 000 of as Companies Economist, the Procter & Gam-* ble • Co.; Economic-Statistician* Goodyear Tire & Rubber Co.; Di¬ to hand and due from on Board from any ounce, made was is government the Cash coming has not been committed for mone¬ be to 1945. while, that UNRRA hoped to buy $65,000,000 of United States sur¬ would the doybtedly would The of New 30th deposits of $52,936,691 and total resources of $54,751,822, com¬ pared with $46,148,125 and $47,954,128, respectively, on March 20, reported total ion year.) a "2. It which form. Colonial Trust Company York, ruff is by that: The Treasury now has 694,212,000 ounces of silver bullion continue $1,322,988. were supplies, clothing, blankets, trans¬ portation equipment and engin¬ eering stores. $7,740,- He said he thought the news unsome ernment obligations to Committee since 1939. at from from He said he chiefly wanted medical "Here's what the Senator meant in $36,566,059, by see available to Murdock (Senator estimated this into save and say: ways: For $387,000,000 borrowing. 000 to on increased : 624 Associated Press 1945. 31, hand and due from banks $11,375,922, to say: against $11,380,167; holdings of Senator Byrd, Democrat, of Vir¬ United States Government obliga¬ ginia, Committee Chairman, said tions to $26,466,470, against $27,after hearing the testimony o£ 808,543; and loans and bills pur¬ Roy Hendrickson, acting UNRRA chased to $16,452,853, against $8,head, that he had asked the 412,051. Capital, surplus and un¬ agency to report on whether it divided profits were increased was relieving temporary distress, from $1,651,841 to $1,689,001. or attempting to raise pre-war European living standards. Tem¬ The Chartered Bank of India, porary relief was its function, not Australia & China, at 65 Broad¬ the boosting of living standards, way, New York 6, has announced he said. the reopening on July 23 of its The 9 countries meeting their Manila Branch, which was estab¬ obligations were the United lished in 1873. States, Australia/ Canada, Great Britain, Brazil, New Zealand! "Eugene W. Stetson, Chairman Costa Rica, Panama and Iceland, of the Board of Directors of Guar¬ The United The to national are tries. on was told that only nine countries were dock told reporters the action will what arrangements can be worked out for distributing foreign news. . UNRRA of the 44 were pounds money March on $35,072,409; holdings of U. S. Gov¬ $69,042,973, $64,995,210; loans and dis¬ counts to $74,696,322, from $54,825,574. Capital was unchanged at $4,000,000; and surplus rose from $4,500,000 to $5,000,000. Un¬ divided profits were $1,030,888, against $1,408,770 at the end of the first quarter. General reserves ington, July 19, adding that the investigation was initiated be¬ cause of reports which convinced certificates, holding "help the prestige of silver throughout the world." $174,600,879 United Press reported from Wash¬ the 300,000,000 ounces as backing for this currency. Senfator Mur¬ "He said also it would added: Matthew editors. to Murdock, (Democrat), Utah, advised the Senate on July 16 that the Treasury and Congress cutting OWI known to of appropriation of Command. induced Senator of War Information, director themselves Plan Foreign Bureau To Be OisoofitMod As make been had in Company of New York reported as of June 30, 1945, total deposits $188,156,812 and total assets of $201,029,292, compared, respec¬ tively, with $162,679,318 and of Cash " signers. Relief and Administration Continental Bank & Trust Greece, Italy, France and Ger¬ many, and possibly elsewhere, the the all.' to are leave for Europe early in Septem¬ disappointing compromise on the Polish question/ the memorial Leslie Raymond The s agreement which by President an Items About Banks> Tins! Investigate II A group 194^ Thursday, July 26, of the bank is F. G*: L. L. Hunter and G. I. Mclntyre are Frank Potts M. (Continued Vice-Presidents*; is on Cashier page 448) and H I levels because of below pre-war Till Watiftair -SaSespwslp NY State Leading Record of 'E' Bond Sates Final Report on large, military requirements. rus juices, however, will be tiful. There will be a big V crop a Other , $465,014,000 1,137,000,000 168.7 $1,602,000,000 141.3 2,825,000,000 5,624,000,000 199.1 $7,226,200,000 .674,000,000 — individuals _J„ $1,134,000,000 savings banks, insurance companies and other non-individuals— Corporations, ' RRY Aggregate has all War of with champion drives," Mr. in announcing the final "This • Gehle said the been army of volunteers throughout the State." R Mr. Gehle said that the record was Massachusetts California _■ of — quotas ' 199/'-V: 4: 1,419,000,000 _ ; Jersey changes that followed V-E Day, and against the influence of cutbacks in industry and of grow¬ tary ing unemployment. Nevertheless a final rush of sales put the E- i,ai8,ooo,ooo 212 z Achieved "E" Bonds New York „ California — Texas .w, New Jersey -i ____ Massachusetts to New York one of the greatest financial triumphs in its history." In a message congratulating the RR people, expect more supply." properly belong in the field of private investment. The private capitalist, small and large, would welcome the opportunity to in-' vest abroad, if the law afforded brings defaulted almost announced private a to book. rower International Bank is not An a honesty. national for substitute An even like Honduras and Peru borrowed and which* corporate bor¬ him the same legal process countries Several freely. which commitments dertakes recklessly. its default inter-government guarantee is for governmental integrity. However, such a bank" and such guarantees can surely not a surrogate international accelerate recon-! if development, and struction prospective government borrowers must agree, as a condition of the 14 times since 1820. The French attempted to bring loan, to abide by the decisions of an International Bankruptcy Court defaulting foreign debtors before Columbia French Pro¬ but failed. court in case of default. posals for an international court for defaulting foreign debtors date back about 70 years. In-1875, an Settling for Court International Disputes Due to Bankruptcy was discussed at the Congress for the Reform of International Law. The International Statistical Institute iri the 1890's ; investigated the question made of foreign recommendation The First Hague 1899 Conference in with the question grappled default international of overcome If the Boards of the Fund ment. the and > and the Bank can be by top-notch manage-" Fund tary : both the Mone¬ defects in Bank of composed are practical men with experience in' private international banking or in central banking, the defects in method can be cured. This a job,' not for well-meaning novices, but for critical professionals. The Bretton Woods legislation should be amended. Or, the Board of the Bank could require that de-Y , prevent further defaults. to Truman on July 17 a 1798 alien-enemy default of loans .and The faults loans on be must but adjudi¬ cated by an International Bank-' the trite r,uptcy .-Court—a division of the reservations concerning "national World Court. International loans honor and vital interests." A dis¬ would thus be brought within the This is learned from Associated honest bum also affects pride law. International anarchy would Press advices from Washington when he does not wish to pay. At cease. -. July 17, appearing in the New the Second Hague Conference in York "Herald Tribune" from 1907, ■; nations agreed to refrain, which we also quote the follow¬ from force in collecting debts un¬ 89 101 , we defaulted countries can more possible the deportation of dangerous alien enemies who are hot subject to ouster under immigration laws. 101 102,000,000 Missouri our own as unwilling investor when the rep¬ resentative of his government un¬ The South Ameri¬ Greece twice. unwitting and For he becomes an of the Council of For¬ eign Bondholders of Great Brit¬ ain, give the history of defaults for over 100 years. In the 19th Century> Spain defaulted 7 times, Austria 5 times, .Germany 5 times, Turkey and Portugal 3 times, and which makes statute • 89 105,000,000 __ of food to 500 pages, Deport Aliens President 102 125,000,000 _ Law to 92 V this time, Invokes Use of 1798 98 207,000,000 171,000,000 132,000,000 Michigan must be as reactivated 101 however, honest with them same■; and not lead them to 98 281,000,000 „ ; question intend to be with on ' 232,000,000 Illinois Ohio bringing we 92 318,000,000 283,000,000 -— the "At v down outstanding, $2 billion, or about was in default. YR^RRY1 : ; The Annual Reports, of over a added: he 101 ;Rv. $465,000,000 Pennsylvanit Indiana to than we can % of Quota -:R of $460,- lives their following table shows. the of E-bond sales in New result peoples their substance and help defeat the Nazis must not be forgotten, but who gave up York State in comparison with the results of other large States; against the public let-down which was so widespread after the mili¬ thus 182.5 - ■ — Ohio through the period of the loan we fought an uphill battle €00,000, ments, clared that the European * particularly gratify¬ their quota _ _ The /. . _ New .. default,. fromf*- border 37%, United R; . Grande Cape Horn, and most of the coun¬ tries of southeast Europe, plus Germany, Russia and China. Of the $5.5 billion of investors' loans foreign commit¬ Secretary Anderson de¬ % of Quota Total' T $7,226,000,000 M 182 219, 1,759,000,000 175 1,689,000,000 216 1,516,000,000 * 169 1,449,000,000 _ Pennsylvania "All over ; Illinois He added: bonds r States. Rio the should give oppor¬ season tunity to fill in gaps in the '1 York New of the all-important E-bond sales to the rank and file of small in¬ vestors percentage each: the •- : (Continued from first page) 28 countries were in Concerning achieved by Loan figures, "and the major credit for the success belongs to the great ing: matic 101.1 5 $3,959,000^000 individuals Total •. Quotas ' $460,000,000 v Seventh War Loan— ; An International Bankruptcy Cit¬ plen¬ of potatoes, • but none to waste, because the demand is greater final report on the Seventh War Loan, made on July 21 by when the supply of other food is the War Finance Committee for New York, Frederick W. Gehle, limited. A large crop of rice is in State Chairmah, disclosed; that war bond sales in New York State during the campaign which ended on July 7 reached $7,226,200,000, prospect, but increased ; military requirements will reduce civilian dn amount greater than was ever before raised in the history of supplies to low levels." War financing in any State or in any country other than the United, The most likely possibility he States. The total was more than** Subscriptions from corporations advanced far improving the: food three 'and a quarter billions above situation,, aside from intimation the drive quota originally set for business firms and financial in¬ stitutions were largely responsible that foreign and American mili¬ the State.::'Y;Y R RYY'YY?Yl '• R' for the enormous New York total, tary demands were likely to be i .■ Next to New York the States scaled down, was a proposal for that achieved the largest Seventh says Mr. Gehle, who reports: the United States to be "a lot "These almost doubled the War Loan totals were: Pennsyl¬ more aggressive in getting from vania, Illinois, Massachusetts and quota that had been set for them, abroad certain of the food and California. The combined sales the excess being 99.1%. Com¬ food items which are critically of these States was $6,413,000,000, parison in the different categories short here at home." He referred or more than $800,000 short of the especially ■ to South America were as follows: New York achievement. where, he; said, the reverse cli¬ Per Cent Sales ' In ; 439 FINANCIAL CHRONICLE THE COMMERCIAL & Number 4406 Volume 162 achieved nothing due to . reports for New York City showed sales to all investors ing: -Y* R in the city amounting to $6,190,Volunteers in New York State, By proclamation issued through 289,634, or 181.1% of the.$3,417,Mr. Gehle said, in part: < T 420,000 quota, and final sales to the. White' House,' the President f;: "You have again proved your individuals of $1,235,383,410, authorized Attorney General Tom devotion to your country, and by which is 145.8%' of' the $847,- C. Clark to ship back to their re¬ Undertaking an unglamorous but spective countries aliens he con¬ 430,000 quota. essential task you have reaffirmed siders dangerous to the security The city's cumulative E-bond Jrour faith in the spirit of Amer¬ Final • less the debtor A trate. to arbi¬ invoking legal refused debtor, proceedings, might thus limit the of force by creditors. How¬ ever, the agreement provided no machinery to execute decisions of the court. Amusingly enough, use Japan Warned Only Yy Salvation Lies in ■ Uncohdin Surrender In broadcast a "an as official of the United States. ican freedom." \ The following chart shows the final results of the Seventh War Loan in New York State in com¬ with parison large States, other a quota of $287,300,000 are the larg¬ est ever made here in any War Gehle noted. Bond drive, Mr. during the sessions at the Second provision made effective by the proclamaton is part of the alien enemy act of 1798. The first part of the act, authorizing the arrest and internment of danger¬ Hague Conference in 1907, Vene¬ Belgian Words directly to "Japanese lead-, made effective by President Roosevelt when America entered the war. The second part, $288,754,786. against of sales spokesman of the United States, Government," Captain E. C.Y Zacharias, U. S. N., addressing his of collection. The ous Anderson Reports on Food Situation i report on July 16, the new Secretary of Agriculture, Clinton P. Anderson, informed his listeners that there would be bbout 5% less food this year than during "last year's eating spree", pnd that continued shortages of Several kinds of food could be ex¬ In pected for the next two or three years, New York "Times" Wash¬ ington advices stated, and con¬ tinued:. , I "Because of the time it takes to produce food not much relief from actual shortages can be ex¬ during the rest of 1945," Anderson said. "The supply of food we have available to us at this time was fixed by pected Secretary What was done a year or more ago, just as what we do now determine the food supply Will be on '-"For the to consumers all of our fruit and fresh vegetables. the food production of this country. "We are hopeful that through corrective measures now contem¬ went on: Justice that Department ex¬ up to now alien have been deported enemies who average a countries similar record Of futile a In 1902, 17 American ers," in their the Japanese adjudicate disputes aris¬ This ing out of financial claims. renewed at the Pan-American Congress in Rio de Janeiro in 1906 and extended agreement the much likely the of person. - sweetening of pre¬ . But supplies will be sea¬ this year. cated for civilians this year, will be smaller than "The last year. RRR prospective civilian sup¬ "Except for wheal: potatoes and ply of canned fruits is tnost frekh vegetables, the 1945.'same as for last year, action. vador Foreign Mail and Airmail war. to , voluntary was about the but much and Albert Goldman, information has been received from the Post Office De¬ partment, Washington, that, effec¬ According to Postmaster exceeding non-illustrated tive at once, letters not two .ounces and postcards shall be accepted for dispatch by air or by surface means to destinations in Finland, Estonia, Latvia, Lithuania and decide on language, told; own people unconditional that on July 21 of¬ surrender possible sal-, Japan, according to an Associated Press Washington re¬ vation for port " " Uruguay. Yet these countries sat at Bretton Woods to greater total amount of dine on more simple fare, . -minus the choice roasts, the thick juicy steaks, and are been have the supply. It is good arid civilians Will have a billion pounds more The dent's "We shall still be eating on R "One bright spot is in our milk Y. means repatriates plated, and with the help of the or have been persons sent home through 1912. But in 1938, ac¬ consuming public, we will get because of immigration law viola¬ cording to the report of the more equitable sharing of scarce tions. The department added that Foreign Bondholders' Protective foods. But some important foods Council, defaults on dollar bonds, many dangerous aliens could not will still be unavailable in the otherwise be deported because whether national, provincial or amounts we would like." they have not been found to have municipal, were listed for Argen¬ The reduction this year of 5% violated immigration laws. tina, Bolivia, Brazil, Chile Colom¬ from last year, he sajid, might be The department said it will bia, Costa Rica, Cuba, Dominican irritating but was not alarming announce shortly what steps it in¬ Republic, Ecuador, Guatemala, from a health standpoint. He tends taking in view of the Presi¬ Haiti, Mexico, Panama, Peru, Sal¬ sonally smaller • in the last •, showed a fered them the only Pan-American The Mexico to plained upon half of Poultry supplies, allo¬ milk than last year. as man., , move intervention limit and proposals of war years." ' ' evaporated ' fruits and vegetables will continue The Secretary said this country in short supply. In addition, rice still threw away the richest gar¬ and dry bean - supplies will get bage in the whole wbrld despite Shorter. ■R-R: shortages in various food items. : "Because eggs are in such great i R""While the fruit crop, : as a Whole, will: be good this year, demand," he said, "it -is hard to apples will be much scarcer .than realize we are consuming record Jast year.- Transportation diffi¬ quantities this year—an average culties may make it impossible to of more than- one-egg a day per . to francs offered countries signed an agreement in We condensed and milk, • and- ' canned simultaneously been will not be adequate for all the demands that are being put that ahead meats, months to repay a million crops food than we did before fats and oils, sugar, deportation, has now invoked by President Tru¬ ten effort. will hand next year. was refused authorizing radio a aliens zuela loan. of the machinery for fur¬ that date, which said: on 'The of leaders Japan have been intrusted with the salvation and destruction the " not of The Japanese leaders Japan One is the face two alternatives. virtual destruction lowed by other is of Japan, fol¬ dictated a ^he peace. unconditional surrender,, with its attendant benefits laid as by the Atlantic Charter.' Y "President Truman is reported down ; to have taken conference a ommendations sible to the definitions The rec¬ dealing with of broadcast pos¬ unconditional sufrender of Japan." .: Potsdam whole series of Y ? ; warning was stated by the Associated Press to have been made with the Presi¬ ther loans to themselves and other dent's defaulting debtor countries. said to fit into the pattern of Why did the Bretton Woods dis¬ cussions and hearings in Congress diplomacy in his conference with. Premier Stalin and Prime Minis¬ ignore these facts? Why was not a single proposal made for bring¬ ing future defaults within the jurisdiction of international law? full knowledge, and was: his ter Churchill at Potsdam. ' President Truman's primary In¬ terest said the Associated P^ess from there, on July 22, is in end¬ : ing the war with Japan as'quickly as possible. The American po¬ for a World sition apparently is that if the Poland. The following postage Court but not for the adjudication Japanese surrender soon, this rates are applicable to mail to be oL bankruptcy. International fi¬ country can have a freer band in nance is expected to play a major sent by surface transportation: dealing with the beaten enemy. Letters, five cents for the first role in the reconstruction and de¬ The Potsdam advices added: velopment of foreign countries ounce and three bents for the next "Observers here believe that, after the war but it is operating in ounce; postcards, three cents each. unless the Japanese act jjuickly, a vacuum. Without an Internation¬ The Covenant of the League of Nations provided . Articles «' intended for dispatch by air are subject to the postage rate of 30 cents per half-ounce or fraction. "Registration, special money-order, and par¬ cel-post services are not available. delivery, al Bankruptcy Court the Woods Bretton legislation for an Interna¬ Bank for Reconstruction Development will either end in futility or burden the taxpayer. tional and developments may be in a Russian an¬ nouncement, the price of which may complicate peace settlements when eventually they are made." important forthcoming 440 THE COMMERCIAL & FINANCIAL CHRONICLE The Significance of the San Francisco Conference It (Continued from first page) have just learned that the official history will of battle this of true alone—unless that talk ourselves into this organization; we are to and t. it world my guess States ica. Conference two is reasons. In maneuvered ticklish a Two other major problems— trusteeships Renewed talk headliners other some Monroe Doctrine and Latin Amer¬ . Peace-Time All * this and compromise on regional security— ticklish, because it involved the third World War. a ■ . of to new is ister Europe. De Gaulle's France emerged from the eclipse of defeat as a permanent member of the Security Council. The United going to have to keep keep us sold on this alternative to Habit had have Commissar Soviet to by exclude you We of Molotov, the British Foreign Min¬ can't live men commentators. talking words into 10 oversize volumes. run It is talk that thereturn the and role the of smaller nations—held the stage. important Week Fourth •\ ./ . for found the Y . . trusteeship issue acute, the first place, the spokes¬ eventually 50 nations re¬ with States shying from the use of the the word newed habit of peace-time literally talking This does not seem Britain United the and must "independence" as the goal peoples. Australia's scrapping Foreign -Minister, Dr. Evatt, began his championship of remember that the San Francisco the claims of the smaller nations conference things — over.' much in retrospect; parley but we the reestablishment means of this old habit of world confer¬ for dependent for larger a in voice the new world common ground upon which they could all stand and work for machinery. This renewed the fight on the Yalta veto for¬ mula. Though the charter was three-quarters completed, insiders began to worry over the adjourn¬ future world ment The people ence. meeting at San Francisco had to talk their way to a order. Though the conference took place against the war-time setting of the battle for the Pacific, everything done at San Francisco curb war. Secondly, - for even America, Soviet dealt Union with to a the Big experi¬ new Britain for the and first the time problems divorced There effort an ■ Three it has been ence. from was completely war making. - of none the compro¬ mising force operating at Teheran Yalta and force the — President Truman by over-optimistic. seemed Fifth Week of appearance June 6 compromising of up May 24 opened the fight of the smaller nations in is .' • The date. earnest. beaten ... The Five Big were two major issues. In the smaller nations on committee, pushed through an amendment giving more power to the General Assembly; and the Big Five con¬ . ceded temporary seat on the key Security Council to any nation a furnishing ment of troops in the settle¬ dispute. The Big Five a that the isolation¬ United the is Nations Organization actually in operation. There's indication that the big itself in efforts Nations set I believe that up. Senator Wheeler will These dominant had United Nations definition of nations, and of essentially in the of power Charter more¬ to face the rest of hard the fought respective rolls democracy. the The Nations United is the product of the between the few and the many weaker compromises powerful nations of current our world order. Just let of the Francisco. at San \ First Week . . to - The confer¬ . ence opened with a moment of silence April 25. After that there week a of keynote speeches . front to give space Tor page the Syrian crisis. Sixth Week the under . May 31 opened . . tension of to the Near the The French test of the pro¬ a Charter and the the Big Five. armed powers Soviet Russia forces on some for world peace. before This I this at the idea, too, of Stalin. is making am time especial effort get any sort of an Council made Soviet new while the conference organization perfected behind the scenes. question Secretary of State Stettinius Security decision. A any stand the on veto Stalin. was re¬ tained effective control of the par¬ ley as head of the steering com¬ mittee, while the conference pres¬ idency rotated among the Big Four, Soviet Commissar Molotov's fight against the seating of Argentina supplied the drama. Second Week , . . May 2 the four commissions, subdivided into 12 committees, began the study of basic Dumbarton Oaks plan. the The admission blocked: White their but the Russian places. closed of Poland was Ukrainian and delegations took Delegates met in sessions. The Big Four, conference sponsors, agreed on their ideas of changes in the Dum¬ barton Oaks nlan. The secretariat as struggled with amendments the hundreds submitted by V-E of the conference deadline. Day only registered in San Francisco rs another reason for hurrying up the job of world organization. Thbd Week the Big their Four . over clarification optimistic of the in famous the the June . 7 Stalin for efforts at A revision of veto worked out two days generally acceptable for¬ Yalta on was approved by The new World week-end. Court plan also Eighth was Week . . June 14 Assembly to discuss international to theme to ' expect isolationists. the stab-in- explaining as from This American makes our prompt ratification of the Charter only the first stage in building full confidence ican intention ganization There is the to as to Amer¬ world see or¬ through this time. doubt speedy affirma¬ no tive Senate action will set off avalanche of ratifications. Ninth Week . . . June 21 mer and iiraft of igning opening of sum¬ completion of the the the of new the Charter. Charter proof'of' the The becomes success of the The battle of wordage and ver¬ course Senate hasn't ended. fight for But ratification the be referred Moscow. to pattern of This future Soviet participation in the United Nations v conferences. But don't get the wrong impression. . Gromyko . . far was from being Stalin's messenger boy after Molotov left. The truth is that all tough Soviet delegates are within the negotiators But So the balance sheet of area agreement cisco has have been San at wide. on versial issues—issues must expect considerable sus¬ picion abroad to willing¬ This is leadership in as our to continue the job. ness why American affairs world be must will neighbors have firmly to show among that lour intend we the Charter work. Now let matic : few a External of Affairs wholeheartedly for democracy as because United the States had— has—a and contradictory policy. try to be democratic; es¬ pecially in our alignment with Latin American neighbors; but we are basically part of the big power combine in global politics. Stettinius's Effforts smoothest worked man After watching the Russians in at San Francisco- I see action of in The hardest at the conference was vorable light when I publish my book explaining some of the in¬ of stories the parley. He conference from the "else. bogging down and he prevented splits between the delegates by his personal efforts. The only tight bloc of countries to emerge at San Francisco is the Slavic group. The Soviet delega¬ dangerous cult; but it the condition of The United Nations parley has shown delegates for It's but group. bet that when Poland has the my a recog¬ regime the Poles obviously counted Soviet the in League tion. Nations of Commonwealth There was hard on our in the no our fear of domina¬ British Com¬ Director for Michigan almost from the time the office was estab¬ lished. in sharp oppo¬ sition to Great Britain. drew us a than us sharp line. when American we , . fact. Our blindly. They They followed stuck ideals, and it's . looming post-war the to but with they Pan ; the assume total FHA insurance opera¬ tions in the state to ly two-thirds of a made record the approximate¬ billion dollars.' leading Michigan one FHA in states volume of insurance, while its loss has " been ratio in of the lowest one the part of his as FHA director, Foley was in charge of pro¬ cessing priorities issued for con-, struction of privately-financed war housing. Some 40,000 units of defense and war housing, pri¬ vately built, were produced in 30 critical war housing areas in Michigan. During this time, Mr.: Foley also served as housing As country. wartime duties Mr. chairman for the Office of Civil¬ ian * Defense for Michigan under two governors, and on various re¬ gional planning and housing com- " mittees. ;' A bulletin from Morton Bod- fish, Executive Vice President of the United States Saving and Loan League with headquarters in Chi-, cago, advised member institutions that "in addition to his responsi¬ arising fropx his affilia¬ tion as Washington Counsel, Mr." Ferguson will act in the capacity of / mortgage consultant to the League." For the past five years Mr. Ferguson had been the chief executive of the FHA, having be¬ administrator come being then in retained 1940 and Commis¬ as sioner when the wartime consoli¬ dation of housing agencies in. Washington brought about some temporary changes in titles and governing bodies of agencies. Be¬ fore the creation had been ington of the FHA, he practicing law in Wash¬ for number a in the of years, problems of financial institutions operating in the mortgage field. Postmaster made Albert known July Goldman 23 of information from the P. O. Dept., Washington, that an agreement has been made with Guatemala, effective Aug. 1, for the exchange of insured well as parcels, up weight of 44 ordinary as the to maximum pounds per parcel, and for the payment of indemnity for the loss, insured rifling, parcels damage of or in on Besiill cf receipt the actual the actual value in the absence of current price, the ordinary estimated value) at the place or, Bil§ Treasury Offering ; The Secretary of the Treasury announced on July 23 that the tenders of $1,300,000,000 or there¬ about of 91-day Treasury bills to be dated July 26 and to mature Oct. 25, 1945, which were offered on July 20, were opened at the Federal Reserve Bank The on July 23. details of this issue are as follows: Total applied for, $2,045,886,000.- Total where and the time when the par¬ accepted, $1,312,071,000 (includes $60,077,000 entered on a cel fixed price basis at 99.905 and was not accepted for mailing, but when mailed exceeding $100 Guatemala or in the United Average price, lent Puerto mately 0.375% any (including Alaska, Hawaii, Rico, Guam, Samoa and Virgin Islands), provided in case that the indemnity may not be the greater on than the amount the parcel was insured which the insurance fee port must- comply licensing rate of 99,905, discount per equiva¬ approxi¬ annum. Range of accepted competitive bids: High 99.908, equivalent rate of approximately 0.364% discount per annum. Parcel-post packages for Guate¬ mala ac¬ cepted in full). States has been collected. Our domination of the republics of Latin America proves to be Mr. Ferguson resigned in responsibil¬ ities of Washington Counsel for the United States Savings and Loan League. ' Under Mr. Foley's direction, more than 110,000 home mort¬ gages were insured by FHA in Michigan. Together with some $150,000,000 of insured property improvement loans, this brought June Guatemala and don't- follow . We'll reach Insured Parcels to * for which frequently Act Housing June, 1934, NHA reports. Mr. Foley, who will serve out the un¬ expired term of Abner H. Fergu¬ son, resigned, had been FHA State specializing lines fiction . nerves. agreements this way—agreements that'll bridge one crisis after an¬ bloc, Australia and New Zealand taking the lead on more can bargaining all around the table in San Francisco has scotched British we with Russia—and Russia knows that she has to work with us. This means hard (current price, be that me work the satellite Ukrainian and Bielo- will no task is itself. peace amount based nized is that the Big-Five collaboration is diffi¬ tion called the tricks not only for Czechoslovakian There mind my National the in bilities . Secretary of State Stettinius, who will emerge in a much more fa¬ side the years. diplomatic job done by Britain's undoubtedly was Anthony Eden. in difficulty in working with other The tear Soviet Russia. something No American could speak a The pessimists among us say that we're going to find it hard to get Big Five unanimity— concretely, that America, Britain, China and France will encounter doubt Minister vital -to lot of diplo¬ a and wear spokesman Evatt. to¬ contro¬ process. human highlights.".,. . There isn't any question in my mind that the most" consistent for a democratic United Nations was an Australian, Big get working of the Charter. But there has been great just give you me successful The Fran¬ The managed to ninef highly gether we San collaboration is the Big Five. action in approving the our of the hard fact that the San Fran¬ cisco parley is just the beginning of our post-war collaboration. The very core of this post-war Charter is only the first step, for neighbors south of the Rio Grande San Francisco Conference. be Five an ' monwealth marked both the will must back under Francisco strikes me as good. It represents probably the most suc¬ cessful conference since the First World War. But we must accept stressing are the-back what old was decisions straight to head FHA since it was created pieces Big Five curbs and the liberalized Assembly role won. The long "rusteeship fight over the ulti¬ being independence larger part of the delay imposed by the Soviet delegation was not obstructive. We just have to recognize that all impor¬ confirmed by the Senate on July 13, becomes the fourth man was This orbit of power. settled—as being independence. I should also like to make clear that the the Housing Administration of the National Housing Agency of questions the main issue. The 'Little 45" successfully challenged mate goal dismiss of Commissioner as Federal structions. Russian accepted. Y found the freedom of the General the sKcu . crisis, conciliatory was later—a , veto approved power The Germany, Week San Francisco. mula parley wide plea to direct a couldn't Foley of Detroit, by President nomination Truman sharply defined limits of their in¬ prevented biage of of the made Seventh veto formula worked out at Yalta, i surrender split we ended 'he May 9 found .... men; demo¬ Mexico with tant Foley Heads FHA Raymond M. whose comment from the Soviet sources. I note that the Moscow mouth¬ of the he Ambassador Frompt Ratification Called For came against any new German Pggression provided for automatic ac¬ even their unhappy day we've yet to face in the fight support of her French ally, who claimed that the pacts signed tion bide . . We show-down. position became through you conference highlight the achievement was . And the dull grind of detail work at San Francisco dropped from posed take me nine weeks But the set¬ of the General Assembly, the "town meeting" of the United Nations, was completed. * ; • East Progress of the Conference the World Court issues. up like men striking when we face a precedent-making action—pos¬ sibly the employment of our . to make over, the a missar the pecially where it comes to the auxiliary organizations yet to be the the sab¬ in activities—es¬ answer did to participation our United other unsettled—as in got and the outside world. otage Three mained delegates manifest Thomases sels at San Francisco; China and France had to be fitted into the inner circle of great Powers. that think of the Western Molotov eventually Mr. found I American fight over the Charter will come in the future., It will Doubting the Soviet Soviet a snap of his Com¬ fingers; this is probably the beginning of a new deal in relationships between the Soviets every proval of the interpretation of the Yalta veto formula. Twenty-two for the the Francisco. ways leaders had to think beyond vic¬ tory—make up their minds as to a world in which to live. The Big trouble-making questions they'd put to the Big Five. Y Trusteeship issues re¬ that San education We to at about cratic asserted. delegations waited role clear World. only hear from them when world coun¬ make big on ' thing that I'd like one ists will continue to lie low—that also found it necessary to call on their home governments for ap¬ expanded their There's to frequently •"YY," us politics. we'll me facing a common foe. The American, British and Soviet also verged from power liberal to seems time 16 May of men apparently is not going to have anything of the drama of 1920. President Truman, with his sena¬ torial experience, has done a mas¬ terful job of bringing the Senate along with him on the Charter. Thursday, July 26, 1945 with the ex¬ requirements of Low, 99,905, equivalent rate of approximately 0.376% discount per annum." . (60% of the amount bid for at the low price was tration. With the inauguration ofi accepted.) There was a maturity of a sim¬ insurance service, registered par-1 eel-post service with Guatemala' ilar issue of bills on July 26 in the the Foreign Economic di¬ will be, discontinued. . Adminis¬ .. . . : amount of $1,310,260,000. , . ■■ > COMMERCIAL & FINANCIAL CHRONICLE f HE Number 4406 Volume 162 Hours and The State of Tirade (Continued from page 434) retailing failures were only twotheir and number the thirds comparable in last week week of the . prior year. Failures in manufacturing, which accounted for almost as many failures as retail¬ ing a year ago, declined sharply from 7 last week to only 1 this week. - Canadian One ported failure with compared as was week ago and 4 in the same of last year. re¬ 3 a week Paper Production"—The ratio of United States paper production to mill capacity for the week ending July 14, 1945, as reported, by the & Pulp Associ¬ ation, was 87.3%, compared with 47,2 % for preceding week and £7,7% for corresponding week a American Paper Paper board production for the same week, compared with 62% for preceding week and 91% for Corresponding week a year ago. Previous week's operations were affected by holi¬ day closings. year ago. • at was 90% Wholesale Commodity Price In¬ * dex—Recovering from last week's dip, the daily wholesale commodity Price Index, compiled by Dun & Bradstreet, Inc., rose to a new war-time high of 178.56 on July 16, closing at 177.11 on July 17. This compared with 176.89 a week previous, and with 171.77 on the corresponding date last year. Trading grain in markets (broadened considerably as prices trended generally higher. Demand for wheat and other grains was stimulated to a large extent by the publication of the latest offi¬ cial reort of the Bureau of Agri¬ Economics cultural cated that the , indi¬ which had made a poor start and that the prospective yield would be only 2,685,000,000 bushels, the smallest crop since 1941, and 543,000,000 com crop bushels less than the 1944 harvest. This year's production all of wheat is estimated at 1,129,000,000 bushels. This marks an all-time high record and the third time the crop has exceeded a billion bush¬ els. Flour prices were firm al¬ though domestic demand was quiet and production was re¬ ported sharply curtailed by strike conditions. Wholesale Price Food Index Shows Slight Rise—The Whole¬ Food Price Index, compiled sale by Dun & Bradstreet, Inc. for July 18 moved 1 cent higher following the 2-cent drop recorded in the previous week. The index regis* tered $4.10 as of July 17, as com¬ pared with $4.09 a week earlier, and with $4.02 for the similar date a year ago. Advances during the week occurred in rye, eggs, sheep and lambs. Only potatoes de¬ clined. The index represents the sum total of the price per pound of 31; foods in general use. and Retail Wholesale generally merchandising was Volume was The weather cooperative for — cool and fair. sustained well in jewelry, cosmetics, furniture, and decorative, items. Dun & Brad¬ street, Inc. report apparel and food sales were previous continued about the week. Summer styles selling at an unprece¬ dented level. The stock of bath¬ ing suits ran low arid tailers with even attributed the some re¬ increased buying to the substitution of bathing suits for play suits. The rise in men's clothing was as¬ signed to the increasing number of returned veterans anxious return to civilian clothes. to Millin¬ ery sales continued to rise last year. over Fine felts have aided in maintaining volume, hosiery, meshes were bought to the ex¬ tent that stocks "were greatly diminished. The. percentage in¬ In crease in retail trade was partly attributable to early Fall buying; consumers reacted favorably to new styles in fur-trimmed coats. , The demapd for sheets, towels., and piece -goods continued in ex¬ er Lingerie supply. fabrics than:last Summer. £'•:?V->; Food supplies were generally tight but eased in a few essential Canned citrus fruits con¬ articles. War Agencies Uncompleted Pan American Highway Voted Funds Cost of Earnings In iarcEi Declined Further declines in The employment fewer compared with the mid-week of February, Secretary of Labor May 25. "The average number of hours 1944. at 11 to 16% Pacific Coast 13 to 17. Wholesale trade remained about last at week's above last Summer ing in stocks and a little Reorders for level year. apparel were still com¬ with Fall orders; retail reported declining. sales were under last were Grocery year,':-;;.;::Cv^ In the orders for clothing markets re¬ Summer apparel con¬ tinued high, but all could not be filled. Most early buying of coats and suits was over; the inumber of buyers was well below' the peak market week in June, but was about twice as high as two years ago. A very active demand was reported for men's work clothes, furnishings, c h i 1 d r e n' s school clothing, and underwear. Some hosiery buyers found their search time. Millinery business compared fa¬ vorably with that transacted last year. Stores which had begun sales of furs placed further orders. Deliveries to retailers of spun and woolen piece goods in¬ creased slightly. Many buyers were looking for household linens, despite the fact that some lines had not yet been offered for third quarter delivery. Volume of hard goods moved increased slightly as civilian production of furniture and hardware began to rise and retail demand continued high. Despite slightly improved sup¬ plies of poultry and meat, due to lower set-asides, wholesale food rayon volume latest ceipts were was 2% below 1944 in the recorded week. Egg re¬ were low; storage reserves tapped. Demand for dried and canned foods was un¬ usually high for this season, but military requirements kept civil¬ ian business low and packers were unwilling to accept much future business until crop prospects be¬ came more certain. ciated Goods Press also we July 13 on the $769,364,- ; on supply bill, been held up since result of the struggle I funds for the Fair Employ- ' 850 agencies war Over Practices ment , Washington, July 13, on a com¬ promise plan under which the is to receive, $250,000 for operating purposes until next June 30, the Senate accepting by FEPC voice House the vote which nullifies quote: This Committee. ended with House and Senate agreement, as reported by the Associated Press from controversy language previous stipu¬ lation that the agency must use the funds to liquidate. However, the Associated Press adds, the ; $250,000 is just half what FEPC a had asked. : V'' v;\ , The bill, which by normal prac¬ tice should before the of have been approved midnight June 30, the end old fiscal year, also in¬ cludes another Senate-House' gate hours, close to 3% million, was reported by the transporta¬ tion equipment group and was largely the result of an employ¬ ment decline of 72,000 • wage Senator Ferguson (R. Mich.) developed from Brig. Gen. Ken¬ neth Hertford of the Army Gen¬ eral Staff that Gen. Dwight D. earners. staff Information $35,000,000. figure originally set for the OWI by the House had been $18,000,000; the Senate had voted 1 "Although the nondurable group reported a decline in aggregate hours, 6 of the 11 major groups reported increases, from 13,000 in the petroleum group to 275,000 in the chemical group. The size of the decreases in the remaining 5 groups was sufficiently large to offset these gains. Among the nondurable goods groups, the largest declines in aggregate hours construction of the road. $39,670,215. the in were food and Eisenhower, as assistant chief of in 1942, opposed wartime He read into the record a mem¬ orandum which in Eisenhower expressed the opinion that "no justification exists" for diversion of critical materials to the project. It was approved, however, by the General Staff and Secretary of War Stimson. ice forces serv¬ urged the highway to of supplies to Canal Panama the The Army movement assure rubber The area. The decline in the food occurred in spite of a project involved 905 miles of con¬ lengthening of the workweek and was brought about by seasonal Mexican border and Panama City, employment decreases. Eisenhower had groups. group cline in caused the rubber The group struction by a return to acknowledged been right. "Weekly earnings in March averaged $47.51. The earnings in the durable-goods group amount¬ ed to $53.38 approximately the same as in February, while the earnings in the nondurable goods group averaged $39.00, 27 cents above February. In addition to a "It that the Pacific would be met as it in the as soon met, and with knowl¬ edge that the submarine sinkings was Caribbean would creased, as they were there would have been de¬ be decreased, no neces¬ tegic situation, particularly in the Pacific, would improve when it overtime in the in the workweek. rubber group averaged $1.12 per hour and $50.62 a week in March as compared with $1.15 and $54.40 last month. "Hours in bituminous mining of an averaged hour and a 43.6, a coal decline half from Feb¬ Association partments amounted to $272,000. f - The in the FEPC wrangle * Senators, in an effort to > bring about discontinuance of the agency, conducted a filibuster which for several days stood in the way of other legislation. The FEPC was set up by Executive ■I Earlier Southern , . Order of the late President Roose¬ velt to police industry against job discriminations on account of race, : creed, color or national origin. ;. The Southerners contended that : it has just casued trouble, the June 30, and that it is backed by Communistic influences which want to"' Associated Press reported on v insurance. "It is also true that if the Army had known earlier did in fact the that the stra¬ improve, the work on construction of the highway could have been stopped earlier." Work was halted October 31, 1943. Construction Contracts Awarded First Half 1945 Marked by a pronounced recov¬ in privately-owned riianufac- ; turing building, construction activity in the 37 States east of the Rocky Mountains showed sub¬ stantial gains in the first half of the year, it was reported on July 23 by F. W. Dodge Corp., fact¬ finding organization of the con¬ struction industry. The report ery v continued All Get More Gold From U. S., Also Cloth major classifications of con¬ showed gains over the : dential ^ mier T. V. Soong were two calling shipment to China of large but unspecificable quanti¬ ties of gold and cloth, it was learned on July 21, said Associ¬ ated Press advices from Chung¬ the appearing "Times," China, New York in the which added: "The gold is to be sold by the Government to absorb the vast amount of inflated notes in circulation. The cloth will be distributed at reasonable prices in attempt depress to mounting cost of the consumer ever goods. "Recent suspension of gold sales by of total the Chinese Government caused the black market value of the American dollar to spurt all was down • construction States during the first six ' was $1,482,399,000, com¬ pared to $960,221,000 in the corre- > sponding period of last year, a gain of 54%, the Dodge corpora¬ tion reported. ern months Nonresidential to construction in the first half amounted to $807,612,000, an increase of 106%. Resi- • dential construction declined from ' lie works and an Manufacturing struction utilities totaled increase of 31%. building con¬ aggregated contracts $515,806,000 in the first six months, to establish a gain of 162% over last year's $197,077,000. Continued improvement in the position of privately owned con¬ struction as compared with pub- , licly owned construction was re-* vealed by Dodge's tabulations. Privately owned * construction contracts in the first six months ^ It totaled $573,491,000, compared to has dropped now to $2,600 (Chi¬ $243,543,000 in the corresponding period of last year. Privately ; nese). ■ ' / ,,,'v owned construction in the first six "All of the gold Premier Soong months represented 39% of the contracted for will arrive in China total of all contracts. It repre¬ by the end of this year, it is re¬ sented 25% of the total in the first half of 1944. ported." \': '■ v ••'•J'Um more than $3,000 . _ , ■ $203,892,000 to $197,509,000. Pub- C $477,278,000, Chinese an building, which more than 3%. contracts awarded in the 37 East¬ Among the agreements negoti¬ ated' in the United States by Pre¬ king, follows: struction The to as first half of last year except resi¬ slightly China for . In other words with knowl¬ built. edge that the Japanese menace in "Average hourly earnings for manufacturing showed practically no change from February al¬ though 16 of the 20 major groups reported increases. The only sizeable decrease in hourly earn¬ Workers War discard all racial barriers in this sity to start the construction of the highway as a matter of military of of is longer workweek in many of the nondurable groups, gains in week¬ ly earnings reflect increases in hourly earnings resulting from wage rate increases, ings was in the rubber group brought about by the curtailment compromise by giving the Office certain," Gen. Reybold country. The appropriation meassaid, "that if the War Department ure, sent to the White House for ' had known, in 1942, the facts it signature, extends 20 civilian war knows today the .Pan-American agencies for the, present.V fiscal, ^ highway would never have"been ;year.:::h^'v; vr--;'. y ; a southern the between Reybold de¬ was • Dry These accord¬ General Reybold said that the original estimate was based on "incomplete information" but that an important factor in the high cost was lack of shipping which resulted in delays due to short¬ ages of material. As a result, workers remained idle for long periods. ruary. Comments from mines According to the Federal Re¬ indicate that flood conditions serve Bank's index, department along the Ohio River area stopped stores sales in New York City for work from 1 to 5 days. Weekly the weekly period to July 14, earnings for bituminous coal 1945, increased by 12% above the miners declined almost 4% to same period of last year. This $52.17." compared with a gain of 26% in The February figures appeared the preceding week. For the four on page 234 of our issue of weeks ended July 14, 1945, sales July 12. rose by 20%, and for the year to date by 14%. > said July 23. Departmental prof¬ Department stores sales on a its before Federal taxes rose 1,2% country-wide basis, as taken from to a new high record of 11.4%, the Federal Reserve Board's in¬ but the effective corporate tax dex for the week ended July 14, rate reduced net profits to a little 1945, increased by 15% and com¬ less than one-third of that figure. pared with a gain of 32% in the The reportJ comprising figures preceding week. For the four weeks ended July 14, •; 1945, sales of 288 stores reporting to the con¬ increased by 20%, arid for the trollers' congress of the associa¬ tion showed aggregate sales vol¬ year to date by 13%. ume of $2,258,587,000. Typical Department and specialty store sales volume of owned depart¬ sales rose to new peaks in 1944, ments averaged $3,856,000, while showing an increase of 12 % over1 the preceding year, the National 5 typical sales volume of leased de¬ Retail the figures, which, ing to Associated Press Washing¬ on July 14, Lieut. Gen. Eugene Reybold, Chief of Army Engineers, presented to the Sen¬ ate committee. From the Asso¬ , some job ton advices 6-day Workweek schedule occasioned by rewarded by a few allotments a shortage of materials, partic¬ from mills which had not sold ularly carbon black. " " to them for was finally aban¬ unfinished after $42,715,- the 591 had been invested in it. "The largest decrease in aggre¬ percentage as a were Continuing she stated: above in¬ creases were: New England 9 to 13, East 10 to 14, Middle West 7 to 11, Northwest 8 to 12, South 17 to 21, Southwest 18 to 22, and Regional ac¬ has July 1 doned Retail sales for the U. S. were estimated which 000, utes.": . tion Highway. Origin¬ ally estimated by the War De¬ partment that the entire project could be constructed for $14,714,- as selling fast with point-free orange juice leading. Apples arid blackberries sold rapidly. Melons worked per man per week in March was 45.5, the same as in were in great demand as the sea¬ son reached maturity. Butter sold February," she said. In her ad¬ under slightly improved supply vices Miss Perkins said that: conditions—enough to meet im¬ "Only two of the durable goods mediate demands. Lamb and groups reported more manufac¬ mutton were in greater supply. turing hours per week. The in¬ The acute shortage of eggs still crease of 231,000 hours in the nonprevailed. Increased stocks of ferrous group reflects gains in poultry—dressed preferred over both employment and in the live—eased the meat situation. workweek while the rise of 141,The meat shortage was reflected 000 in the stone group was made again in additional demand for possible by extending the work¬ fish, lobsters, and fresh water week by an average of 24 min¬ turtles. Congress finally completed Investigating War Pan American in time in the mid-week of March Senate Committee has begun an inquiry into the complete history of the 6}4 million or 1% hours of manufacturing resulted Frances Perkins reported tinued fruits Trade— Retail sales continued at the high level set last Week. of cess sold in greater volume this year. Sales of outdoor goods were high¬ 441 . (Chinese). - frank mutual survey of their dif¬ Truman Commends Press Mission Tour that "freedom of the The hope become a vehicle of sympathetic understanding therefore closer friendship press may more and the nations of the world," among expressed was President June on Truman in a by 21 letter to Forrest, Assistant Editor York "Herald Trib¬ Wilbur New the of une" and Chairman of a commit¬ everywhere will "in that there be included in the sist treaties the elimination of peace-time censorship by govern¬ ments, the elimination of press peace by governments, and the of a free flow of news between nations." Mr. Stettinius's letter to Mr. lin special courtesy, and also made an inspection of the plant of Pravda. ' ' with the com¬ mittee's full report to the Ameri¬ can Society of Newspaper Editors' Board of Directors, is contained along a supplement to "Editor & Pub¬ lisher," newspaper trade journal. in It is added that this supplement, & "Editor which sending to newspaper editors and Government officials throughout the contained letters also world, State Edward other Gov¬ ernment and military leaders. Mr. Stettinius said he and other from of Secretary R. Stettinius, Jr., and United the of members States delegation to the San Francisco Conference regarded freedom of the "one of the funda¬ as press mental freedoms" that the devel¬ the establishment of The Secretary v commission on rights the United States "will urge that it should promptly study the means of promoting freedom <5f the press, freedom of communication, and fuller flow of knowledge and of information be¬ tween all peoples." sets up and freedom, a President Truman's letter, dated J June 14, was given as follows in "It was and Dean Carl W. Ackerman, of the freedom comprising of the press commit¬ of Society American the of at University, Columbia tee Journalism of School the Newspaper Editors. I desire to thank you heartily for sending me a copy of the report which you make to the A. S. N. E. and which you of outlined to me in the course interesting conference. a very "Just lamented prede¬ wished you and your col¬ cessor as my leagues godspeed when you started on your around the world mission in the interest of freer and better of dissemination news, so I was glad to welcome you home from an itinerary which I understand inqluded the principal captials of Europe, the Orient, Australia and South America. "Here at the San Francisco Con¬ that hope sincerely the laudable purpose of your mission will be realized to the end that freedom of the vehicle of a friendship become sympathetic un¬ therefore closer press may more derstanding and among International Organi¬ ference on zation, the United leadership the that has States in insuring the taken world organization hew promote fundamental free¬ doms. The charter specifically shall the organization shall promote universal respect for, and observance of human rights and fundamental freedoms provides for that - distinction without all to as language, religion or sex. race, and colleagues ,my States on delegation of speech as one the nations of the world. V the regard of the It is our further in this charter. understanding that freedom of speech includes freedom of the press, freedom of communication and freedom of exchange of infor¬ cil is empowered to mendations on its make recom¬ own initiative, for promoting respect for and ob¬ servance of human rights and fundamental freedoms,K and the directed to set up a commission for the pro¬ motion of human rights. is specifically council "We may be sure, I think, when commission is established, a United the Government States that it should promptly will urge the study that means of promoting of the press, freedom of freedom communication, and fuller flow of knowledge and of information be¬ tween all time we In the mean¬ shall press forward our peoples. active efforts to further these ob¬ jectives in every practicable way. "The report which your com¬ mittee has brought back will, I am be of great assistance to all I congratulate you and your associates on the completion of a sure, of us. of public best traditions of service in the democracy." our With the return of the directors of the American Society of News¬ paper Editors from their tour a 50,000-word report which sur¬ veyed the results of a 40,000 mile world trip of three of its members who made the tour to study free¬ civilization on the among was issued in at Washington a June 10 It was the first time in history, according to the "Times," that sion will contribute to that happy :6r consummation. I shall look for¬ dertaken, and the main objective with keen anticipation to mission such of the as ASNE in this has been being a un¬ sponsor of the study of your report." From the "Herald Tribune" we the project was to obtain a pledge in the peace treaties "of Govern¬ ments not to censor news at the also quote: source; not to use the press as an .The committee South America, as the letter mentioned. not did visit President's A proposed trip postponed, the members explained, when the "good news" came that represen¬ tatives of 20 American republics, to that continent meeting in was Mexico City, had pledged lifting of war-time con¬ trols and peace-time interchange of information. The editors' instrument of national policy, and to permit the free flow of news in and out of The first that press signatory countries." three press travelers said they did not find ftuich freedom under war-time conditions. said in A large part of their report was con¬ mission visitors' "idealist but impossible." The Americans, who traveled letters of recommendation from President Roosevelt, Secretary Stettinius, Senator Tom Connally and Representative Sol Bloom. Among their general findings Many governments atje control- ing the press politically under guise of war security. People in Italy and Germany, emerging from the ruin of war, know little or nothing of the world around them because of the controlled their of press . former that the American „ press is dominated by the adver¬ tiser and thinking that directed toward un¬ policies by so-called is "trusts" press American much chains. or Australia in the study of a and recommended system of bringing young foreign journalists to American papers to widen journalistic horizons of other nations. " . . . Directors of the Newspaper Edi¬ resolution of support for the world press freedom conference, the time to be arranged when conditions permit. The board of the ASNE also Society adopted a resolution commending Secretary Stettinius for his help on freedom of the press, notably adopted a Nations Conference at the United in San Francisco. Another resolution adopted by the board looked with apprehen¬ sion on any merger of transmis¬ sion facilities which would elimi¬ Other newspa¬ organizations similarly are on per record the result of as two months ago, new into use partment, that all United States- international communi¬ operated cation facilities combined, be or , other local each after soon the first of the year for food ra¬ tioning and for rationing shoes. Mr. Bowles said: "It takes time to plan, long a print and distribute a war ration book. That's why we must for arrange now book that will 1946. a not be used until early "The supply agencies—the De¬ canned fats, and meats goods, sugar and shoes all will be in tight supply for some months come, and so it looks as if a ration book will be needed at least throughout most of next year. To be reasonably on the safe side, and the expense of having still another book later, have set up Book Five so that avoid to get Out we it 10 to 15 months last from can if it is needed. Four. the so, only half holding By contains book stamps as Book as many Five Book getting ent book; we are book a for less than half the cost of Book Four, and using only half we are much paper. "We Ration War hope Book Five will be the last in the series of war-time ration books, and that there will be plenty of stamps we won't have to use. We cannot that, though, since so many months are needed to bring a book into being. H "The new book is a better book, as it ought to be. It will be much easier to carry and handle, since gamble $1,140,699,000, or the Institute of Life reported on July. 18. of last year, Insurance heavily too payments were the five months, or $42,316,000 more than in the first five months of last year. War death in claims continued during largely for the increased payments of this year, the May total death benefits of to May account $111,152,000 "achieved with top Soviet newspaper editors and Govern¬ same for the 1941. war has being same 35% month greater of pre¬ in on the and will have to re¬ member is that stamps of certain numbers are good. The new grocer stamps will not have both a letter and a number as the present stamps do." announcement OPA The said: also of five blue ' "The last full set stamps in#War Ration Book Four will become good on final be set of five validated Sept. 1. red month a The will stamps later, on some War Ration Book Five, to use other stamps in Book Four as substitutes for processed food and meat-fats stamps during the interim ' period. "Interim period use of i of the claim increase." trip to Mexico, . Chile. 7 He and > enthusiastic, was the about prospects for post-war commercial and tourist trade to. and from Latin America. the During, course stamps will not be neces¬ since the stamps provided for sugar sary these items Four will without Books in carry resort use to Three financial and leaders by which ex- ' ports to and imports from their' countries could be expanded, on and ways means ^ only mutual ex- ' change of products and services, can be permanently satisfactory, and successful. His survey indi' cated, he said, that only by in-K creasing our imports from Central ■ and "South American countriesV could we hope to expand our j; sales to them* thus contributing * the premise that of solution the to most important nomic problems. '■ Mr. he belief progressed extent this t conse- a as ' to a' He stated his V; of the war. that , ' inctus-> of considerable - countries the most have in visited our eco~- i reported that Diez trial ism of some post-war had already re¬ higher standard of living and an expanded potential; market for our products. sulted in a - stressed He emphatically and the urograms substitutions. of other stamps in Book Four after all blue and red the America's Latin velopment of tremendous resources , | but . . warned against . that the future of depended business local Latin. ; co-; h upon United States between operation com- our with relations American and the psychology of those resources for f, profits. He empha- J ' | men in the * management of Latin American industries—possibly branches of well-known, es-r*j tablished North American organi-:, ,j zations—so that they would actu-; \[ ally become partners. "Many Latin r American companies and individ-! f uals," said Mr. Diez, "have the | necessary organization, energy, i ability and capital to build great' ! industrial enterprises, but they '' ii will welcome partnership with 4; men from this country who, in; ■ addition to sharing the investj ment, bring technical knowledge and marketing experience." " £ and financing Historical Society Elects • The "Agricultural History So¬ ciety" of the United States, at, their recent 26th Annual Meetings the announced election of the officers: Presidents Brand, Washington, C.; Vice-President: Dr. Richard O. Cummings, University of Califor¬ nia; Secretary-Treasurer: Chas. A.:' Burmeister, War Food Adminis-; Charles J. tration; E Prof. x e c u t i v e Committee: - Clarence H. Danhof, Lehigh University. \: :: : •• :\ - stamps are validated will permit Charles J. Brand's election fol¬ a considerable money - saving." lows^ a long line of distinguished' The saving will come from the men to hold that position. . In fact that maximum possible use addition, he is Consultant to the' : will be made of the remaining stamps in Book Four, and because the life of the incoming Book the^bv - will Five lengthened. be "War Ration Book Five will be war ration book to be On May 4, 1942, Book One-began other volunteers. uibu'ibuuon of \ great opportunity which our busi¬ ness men have to assist in the de¬ following shoe and distributed by school teachers and period, however, accounting months' mercial increased the y was Salvador, Costa Rica, Venezuela, Colombia, Ecuador, Peru, Bolivia: sized It will Book Four, but only one-half as wide. The num¬ bering and arrangement of stamps is better, too. All the housewife the fourth in good be just as long as Total life insurance 25% ; are the • * conviction expressed on July 19 ' by Mario Diez, Vice-President in charge of the Foreign Division of the Colonial Trust Company, of" New York, as he returned from a ] neighbors, really exploiting quick, easy "Interim benefit "Death Americans Latin That in fact, than a dollar bill. The Institute further says: $560,591,000 war Latin-Amer. Trade it will be much smaller—smaller, by life insurance companies in the first five months of the year to Optimistic oh Post¬ quence sary nearly $75,000,000 more than pay¬ ments in the corresponding period way, Diez down to half the size of the pres¬ "Since amounted t . beginning Feb. 23,'. 1943.; War.Ration Book Three was distributed by mail, beginning June 20, 1943. Distribution of.-* Book Four got under way at' school houses on Oct. 18, 1943." same business that us containing the new red and blue stamps, will not go into use be¬ fore Jan. 1, 194-3, it will be neces¬ Payments to policyholders and distributed in the partment of Agriculture and the Increase in Payments Life Insurance Cos. was War Production Board—have told Oct. 1. Policyholders of country.. buildings throughout the Book Two of his trip, Mr. Diez discussed with many government, jointly operated, after the war. To other public at school houses and three area. A gasoline books will go Dec. 22, and War Ration Book Five will be used proposal, a by the Navy De¬ . , . place at take or for time The competition. nate will houses exact as world press- a conference freedom of public buildings throughout the nation from Dec. 3 through Dec. 15. OPA district offices will fix the The three-man committee pro¬ posed support for , _ 7 Distribution "Even abroad Office the Administration, announced on July 24. At the same time, the new A gasoline ration book will dictatorships. tors of Price to force controllers a full and Administrator by Army transport planes, carried than in its report that "the spark of press * ment press assassinated, was the given over to their reception in Russia. During their visit there they committee and beneficiaries in the United States governments and peoples of the United Nations. I hope your mis¬ ward who later * many through the public schools December, Chester Bowles, in hand,v Dr. Ahmed Pasha, Egyptian Premier, sidered f as book uted other tion in these fields. years cooperation the Mahrer democratic in other nations it was dispatch from Wash¬ ington to the New York "Times" tinued sincere was trasting views. King Farouk said that he believed in a free press tors stated through six tragic emphasizes the need of con¬ interest give strong and express recognition to these basic principles, it will also contain specific provision for ac¬ "Not only will the charter, dom of the press threatened and "whose It is the impression of some edi¬ dered world side, the editors got from Pope Pius XII, mation. "The unhappy conflict of prin¬ ciples and policies which has sun¬ the constructive were: fundamental freedoms referred to mission "I matter of record. a stamps as the issued, will be distrib¬ just half last "smaller dollar bill" and containing a school and free flow of news, but that his Cabinet interfered with both. On throughout promotion "The economic and social coun¬ good to see you and your the they the its the "Herald-Tribune": associates, Mr. Ralph McGill, edi¬ tor of "The Atlanta Constitution," On cases natural," his unqualified support. From Egypt there were con¬ world is War Ration Book Five, be issued. in other skepticism. uncovered of Newspaper Editors. *■ "The support which this Gov¬ ernment has given to the principle of freedom of information and to freedom added that when social council an ety "I and Economic the advance copy of the report by the special free press committee of the American Soci¬ me world free a press. However, courtesy in "Thank you for your United , Amer¬ expressions of sincere concern for organiza¬ promote. the ican editors reported that they got charter to Nations United oping tion is committed by its countries other establishment is Publisher" a control sending letter, as In War Ration look No. 5 Available in December than The travelers visited the Krem¬ Forrest follows: the ■ quote: newspapers of press freedom. The "HeraldTribune" of June 22 indicated that . ferent system and conceptions." From the "Times" we also most is alight" and that freedom recently completed a 40,000-mile world tour in the interest tee that V Thursday, July 26, 1945 THE COMMERCIAL & FINANCIAL CHRONICLE 442 President of The Davison Chem-" idal Corporation, Baltimore, Md. meeting, Dr. Arthur Peter-4 son, of the Army Industrial Col-: lege of the War "Department,' At this former President made his "The annual of the Society,1 address entitled^ Agricultural History Society —The First Quarter Century." ; Volume Number 4406 162 Steel Production THE COMMERCIAL & FINANCIAL CHRONICLE Up 1 %—Deliveries Far Senate Approves World Food Flan Advanced"Because of sudden a but not trend-making increase in rated of this type of orders reached the highest point since the end of the European war," states "The iron Age " in its issue of today (July 26), which further reports steel • business this past week the in part as follows: "Steel sales offices conceded that there was little possibility that this condition would be repeated or that it indicated any reversal in the recent level-f- ; . ing off of CMP steel orders. f "During the past week most steel centers reported that backlogs of unrated civilian orders .- exceed those now . ings with rated of rated book¬ companies. many business showed volume Urnweek last little change from recent experience, mainly because of a continuance in extended deliveries and the inability of most com¬ panies ■ to give concrete commit- ments. r "Pressure continues upon companies from all steel consum¬ ers despite the size of backlogs and despite the inability to pre¬ dict with any ; certainty when Civilian manufacturers will be . : volume able to partially satisfy their de¬ mand which is growing day by The flat-rolled steel picture with respect to sheets is now as tight as it was during 1942 and day. 1943 for plates. filled are some far Mill into items, but schedules next year on vision to apply the freeze only to September orders. books on far has been much so less than expected, most applying to remote deliveries, leaving near¬ Mills by schedules little higher. have received < United cancellations few an unrated basis said are to be somewhat brighter, but would probably not reach anywhere near requirements. "The : recent plate and situation this easement hit the tives will be deliveries. rated for August will push back placed This and orders unrated for plates and structurals which had been was for set that month. There speculation that some sub¬ a stantial portion of the tonnage might be placed with far-western mills holding openings for these products, particularly in view of the ultimate steel. destination of this :~ "The for source facturers for has the been the manu¬ production stocks of of deep drawn sheets held since the cessa¬ cars tion of 1942. car output in treatment of such passenger Special material because of aging has total to cancellations, be lowered. base . American Iron and Steel Institute on July 23 announced telegraphic reports which It that bad received indicated that the operating rate of steel companies having 94% of the steel capacity of the industry will be 90.7% of capacity for the week beginning July 23, compared with 89.8% one week ago, 91.5% one month ago and 95.5% one year The ago. operating rate for the week be¬ ginning July 23 is equivalent to 1,661,300 tons of steel ingots and castings, compared to 1,644,800 tons one week one month one year ago, ago, and 1,675,900 tons 1,717,800 tons : ago. replacing cancellations time, while priority assistance with allotments accom¬ panies others. Some of this ton¬ nage is in heavier sheet and strip gages, which are considerably easier than for "Structural ing and lighter gages. demand is increas¬ projects more are coming dustrial expansion. Mills now are capacity still open in October. Unrated orders are not likely to bring deliveries in third quarter. Relaxation and to provide $625,000 its share of the expenses during the first year. Cleveland, in its of the iron and steel sum¬ mar¬ kets, on July 23 stated in part as follows: "Little tion ■-! v . effect Board's of effort War to Produc¬ clear the complicated mill situation in steel sheets and strip has appeared, fol¬ lowing the freezing of books for third quarter and subsequent re¬ United The Agriculture Nations Food and Organization, which meeting of 44 countries at Hot Springs, Va., called by the late President Roosevelt in May of 1943, tha formed was in a in restrictions associations than for A. year. in Illinois the R. with cents, in ington on tern Labor The advices from the July 13 added: "According to a seasonal pat¬ dating back ten years, June the was Bank's and marketing, and the the member govern¬ over and is wholly a finding and advisory body. "The organization take action fact¬ will not in put any of to recommendations to or into effect, any actually utilize of the information which it its to makes members," busiest first month of the six. Contributing factors this year are the gradual expansion of loans to veterans under the which program G.I. bill the loan associations ipation duction of the of in home the . are rights, in savings and making the transactions. further some Antic¬ relation building has also led to associations' cash, it of needs for more was "The war for supplementary funds, he said, but a change in the trend is likely to be seen shortly. As of June 30, the num¬ ber of associations using a part of their credit line was 127, as compared with 302 in December, 1941." . provision Stan¬ for an report of the Foreign Rela¬ Committee recommending "Those are things which will be done by the indi¬ vidual governments or their citi¬ Schwellenbach Wants zens." tary of Labor, Lewis B. Schwell¬ enbach, told a press conference that he intended seeking admin¬ istrative authority for his depart¬ adherence. Requirements member na¬ tions are four; to make periodic reports on food and agriculture, to contribute to the organization's financial budget, to grant to the staff of the organization "what¬ ever diplomatic privileges are possible under constitutional pro¬ cedures," and "to respect the in¬ ternational upon character1 of the or¬ the past. service Labor-Manpower Agencies Under Labor Dept. President Truman's ment the all over scattered new Secre¬ Government's and manpower agencies, including perhaps the Manpower Commission, the National War Labor Board, Na¬ tional Labor United States Relations Board, Employment ^Serv¬ other and wants the labor Labor units. _He Press few days earlier sub-committee Senate a headed by Senator Claude Pepper (D.-Fla.), recommended that any wages be¬ low 65 cents an hour be consid¬ ered sub-standard. The Senate bill, introduced by Senator Mead (D'.-N. Y.), acting for Senator Pepper, who was absent because of the said ten death of have to his father,,^ was sponsorship of the Democratic members. < In offering the measure to the House, Rep. Frank E. Hook (D.¬ Mich.) estimated that some 10,000,000 workers might be af¬ fected. Similar bills were duced by intro¬ Reps. Walter B. Huber (D.-Ohio), Donald L. O'Toole (D.-N. Y.) and Melvin Price (D> 111.). The proposed legislation would industry empower committees raise the minimum in to particular hour im¬ a industry to 75 cents an mediately and also would author¬ ize them to set higher minimums ' for key occupations. The press' continued: accounts v.- Another change would make wage-and-hour provisions applic¬ able to seamen, persons employed in the processing of fish and allied products ployed and individuals "within the 'em¬ of area pro¬ duction." labor War ice, A the Associated dispatch from Wash¬ July 18. a .. said tions reached, stated the continued, has objective of serving as a world-wide pool of "the best knowledge and experience relat¬ ing to nutrition, agricultural pro¬ is Bank 30. bulk building is causing projects to'be more rapidly than in (on wage under the Fair Labor 65 1945 New York "Times" ganization's staff by not attempt¬ ing to influence any of their na¬ tionals who may be selected for The also bill exemptions visions of eliminate hours pro¬ employees operations engaged in agricultural ^ or on horticultural try would from the commodities,- poul¬ r\"- livestock. or The National War Labor Board's Department~ex- the Associated Press from Wash¬ recently announced policy of bar¬ ring reductions in wages paid in in- ington, July 17, but has not made reconversion from stances by shortage of other ma¬ terials than structural steel. his mind definitely just what agencies should'be merged under similar work forwarded At the time same tracting, is held back in "Pig iron con¬ some production is suffi¬ cient to fill heeds but is critical, as neither producers nor consum¬ have much backlog and with number of blast furnaces down a for repairs costs there or is little of because high margin of "No betterment has appeared in steel and iron scrap supply and while melters Manufacturer May Pass on Wage Increase to Retailer Federal Judge Harry E. Kalodner, in a precedent-making de¬ cision of far-reaching importance the in dressmaking industry, on dismissed the Office of Price Administration suit against July' 19 are hot distressed Brothers, ruled a that add pass Cotton Spinning for June Bureau nounced ing to 140,502 were on of the Census an¬ July 20 that, accord¬ preliminary figures, 23,- in on cotton spinning spindles place in the United States June 30, 1945, of which 22,- 188,330 were operated at some time during the month, compared with $22,167,678 in May, 22,158,674 in April, $22,232,168 in March, 22,223,848 in Feb., 1945, and 22,379,602 in June, 1944. The aggre¬ gate; hum hours reported for the month 9,239,765,994, was of 399 per spindle in place, compared with 9,634,335,228, an average of 416 per spindle in place, for last an average 9,711,397,520, an aver¬ age of 417 per spindle in place, for June, 1944. Based on an activ¬ and Inc., manufacturer may wage and increases to his costs the increase to the according to an Asso¬ on retailer, ciated Press dispatch from Phila¬ delphia, Pa. The OPA on April 26,1944 had filed a $100,000 tripledamage suit, accusing the of overcharging on pany The the staff." on Biberman safety. month and "Steel" of mary nations the will extras First reports had the lowered." ! price The some 20 pay available lead and House, to increase the minimum of last adhere, to ders there has been no possibility of necessary. "Contrary to reports last week- building reserves to the desired the; base price of cold-finished point and some apprehension is carbon steel bars is expected to be felt as to supply for the winter." while which to have announced their intention to parts, within simul¬ Senate June new the volume the ganization, "Some relief is reported given manufacturers of au t o mo bi le some being able to place or¬ for early shipment, part of in and Wisconsin the first six months loan ments, overbalance sufficient has been proposed, similar bills introduced dards Act of 1938 from the pres¬ ent 40 cents per hour minimum to and institution than more been advanced Chicago advanced 3.9% more to: its member savings, building thority ers backbone fortunate automobile more of quarter, booked into November, with some 129,500 tons of this type of products materialized. Direc¬ Loan Bank best use of farm, fishery and for¬ estry resources." It has no au¬ out, including public work and in¬ ments for Home pointed out. years have seen a steadily decreasing number of as¬ sociations calling on their reserve temporary snag Navy require¬ a when Federal following the order to reduce in¬ ventories from 60 to 45 days sup¬ ply, but more are expected to ap¬ pear soon. Tightness continues in all major products except plates, the latter being available for Au¬ gust delivery in some instances, with expectation that further eas¬ ing will be felt in fourth quarter. As a result of the tightness there is limited opportunity to schedule sheets, strip, bars and wire for civilian products before fourth quarter, except in cases where priority relief is afforded. Mills had heavy carryovers from second delivery structural week in Legislation in taneously increase of 5 cents per hour each year until a minimum of 75 cents its output would be avail¬ able in July and August. Pros¬ pects for September deliveries on The like period Gardner, presi¬ dent, reports a total of $23,953,890 lent during the half year ended itself gages needed for automobile pas¬ Laker Wage iimtim country was committed, according to the "Times" report, simply to membership in the or¬ the current quarter. senger car special a from Washington on that date, by passage of a measure al¬ ready approved in the House. far different picture. "Recently it was disclosed to a and Strip Industry Com¬ mittee by WPB officials that little if any steel sheet and strip of the Organization, Seek Raise in Fair 1945 ;m:I Agri¬ stated with little expectation of substan¬ tial reduction of backlogs during Sheet Food, and dispatch to the New York "Times" steel sources continue to predict that the fourth quarter of this year will see a some membership Nations culture July 21 in the This "Cancellation of steel orders mill Advances by FIILB Of Chicago In First The Senate approved on American 443 dozen 8,901 Judge Kalodner damages or injunction. The dispatch dresses. refused grant com¬ an to award further went on to say: u are man¬ entitled to add the increase as an item of labor cost regardless of whether the ar¬ wage bitrator his was "right decision. rule under He which the Biberman wrong" in or added that OPA the company the sued does not specify the manner in which ceil¬ ing prices are td be determined, but only provides a method for ascertaining "minimum allowable costs" of production, and that as there is no other regulation fitting exactly, OPA could not prove damages. The OPA, in its suit, had charged that inclusion of an 8V2% increase awarded workers ity of 80 hours per week, cotton spindles in the United States were in the dressmaking industry by operated during June, 1945, at an arbitrator might not legally be in the manufacturer's 118.8% capacity. The percent., op, included wage the same activity basis, was 114.8 for May, 116.9 for April, 121.8 for costs because tween the Dress the contract be¬ Philadelphia Waist and Manufacturers' Association March, 122.2 for February, 1945, and the International Ladies' Gar¬ and 118.5 for ment June, 1944. Workers' Union doeS not he according stated to up rates met paid for its first challenge today. He expects to confer his control. war Edward O. Werner, attorney for with the heads of the agencies now the American Car & Foundry having of independent status. The Associated Press also had the fol¬ lowing to in the matter: Secretary em¬ phasized that if he did recom¬ mend taking over WLB and NLRB it would be only' to do their "house-keeping"—try to improve and speed up their procedure. The say Labor new He wanted any stabilization, WLB whether asked was he authority over wage now handled by and the Office of Economic Stabilization. He replied he be¬ Co., Wilmington, Del., sought a re¬ in rates paid mechanics its war-time shipbuilding plant duction in when transferred railroad car building and repair work in re¬ to conversion. He asserted that the fications * ' were hazardous in different car \ job classi¬ less and building and that his company lost money oh re¬ pairing 15 cars recently because it paid the higher shipbuilding wages. lieved his department should have some say in the matter but "not become to an labor unions errand or boy for the WLB" to Stabili¬ zation Director William H.. Davis. Mr. Judge Kalodner ruled the ufacturers panded, on Schwellenbach, conferences he leaders all has^ad with 30 of of them favored his de¬ partment taking over every gov¬ ernmental labor function, except the railroad mediation machinery. Reporting on his reorganization studies, the Secretary said he had written the Senate and House Labor Committees urging legisla¬ tion to create two additional As¬ sistant Secretaries of To Hold '46 Convention reporting AFL, CIO, railroad brotherhoods, United Mine Work¬ ers, and independent labor groups, said Illinois Bankers Assn. ' Labor. The tion Illinois will convention in Bankers hold its 1946 Associa¬ annual at the Jefferson Hotel St. Louis, May 1, 2. and 3. Harry C. Hausman, Secretary, an¬ nounces that a full program of activities for Illinois bankers has been scheduled, contingent, of course, upon ODT restrictions on travel and the relaxation of the present ban meetings. rest of on The the holding of program for Association year such the be¬ gins with committee meetings in Chicago at the Palmer House the provide for an increase "of a per¬ week of Sept. 10. The fall group meetings will be held for the centage of the basic pay." Similar OPA suits were reported Northern Groups the week of Oct. 8 and for the Southern Groups pending against a dozen other the week of Oct. 22. The MidPhiladelphia manufacturers. Winter Conference will be held Sydney M. Friedman, OPA at¬ torney, said the decision probably at the Palmer House, Chicago, would be appealed. Feb. 22, 1946. The activities of The Biberman company operates the present Association year term¬ plants at Sunbury, Northumber¬ inate with the annual convention land and Philadelphia, and at Wilmington, Del. in St. Louis. j *"*, ■ v*w>& >i.{\ «&. (foody's Bond Prices And Bond Yield Averages Statistics Weekly Goal end Coke Production Moody's last year was Jan. 1 to July of 6.9% when the period from preceding week. Output in the corresponding week 12,290,000 tons. The total production of soft coal from 14, 1945, is estimated at 317,151,000 net tons, a decrease compared with the 340,611,000 tons produced during Jan, 1 to July 5, 1944. . , was ran Dally 121.04 119.20 116.02 108.34 113.12 115.82 121.04 119.20 116.02 108.34 112.93 115.82 119.20 121.04 119.41 116.02 108.34 112.93 115.63 121.04 119.41 116.02 108.34 112.93 115.63 119.41 116.02 121.04 108.34 119.41 116.02 115.63 122.86 112.93 122.90 ; 119.61 116.22 108.34 113.12 119.61 121.04 115.82 116.22 119.61 116.22 108.34 113.12 119.61 121.04 115.63 116.22 Exchange 119.61 116.22 108.34 119.61 116.22 121.04 115.63 122.89 113.31 13 116.22 108.34 119.61 121.04 119.41 115.63 116.02 113.12 122.87 119.41 108:34 119.61 121.04 115.63 116.02 113.12 122.87 119.41 116.22 108.34 113.12 119.61 116.02 121.04 115.63 122.89 108.34 113.12 115.63 119.41 112.93 115.63 119.61 July 108.16 115.43 119.41 August — 14 11 - _ 10 116.02 7. 121.04 119.41 116.02 9_ 121.04 119.41 116.02 _ 1178 6— — 1945 1945 12,000,000 8,126,000 2,000,000 1,625,000 average adjustment. fSubject to current ESTIMATED July 15. 1944 1945 12,290,000 317,151,000 2,048,000 1,919,000 *Juiy 7, July 14. coal & ligniteTotal,' Including mine fuel- PRODUCTION OP . 1945 1,236*000 1,231,000 127,800: total States (United 141,900 tExcludes colliery tExcludes couiery fuel. iutu. IN NET TONS BY STATES, 119.20 116.02 108.16 113.12 115.43 119.41 119.20 116.02 108.16 112.93 115.43 119.41 115.82 107.80 112.75 115.43 119.20 22 119.20 112.75 115.43 119.41 fanuary 115.82 107.80 February 120.84 119.00 115.63 107.62 112.37 115.24 120.63 119.00 115.43 107.44 112.37 114.85 119.20 115.43 115.43 118.80 115.43 107.44 112.19 25 120.63 118.80 115.43 107.27 112.19 114.66 119.41 115.43 120.84 118.40 115.43 107.09 114.46 119.41 115.24 112.19 ll.i— May 115.24 107.03 112.00 114.27 119.41 120.84 118.40 107.09 112.19 114.27 119.20 4 120.84 118.40 115.04 106.56 111.81 114.27 119.20 118.60 115.04 106.56 111.81 114.46 120.84 118.40 115.04 106.39 111.44 114.46 119.20 115.04 114.85 121.04 118-40 114.85 106.04 111.25 114.27 119.20 118.60 114.46 106.04 110.52 114.08 119.41 105.17 109.24 113.89 118.60 6— Citato— Alabama———-— . 24, 24, . ;—.... 120,000 I,352,000 550,000 1,074,000 439,000 45,000 40,000 and Indus U. R. R. Baa A Aa 1.62 2.60 2.69 2.85 3.26 3.00 2.86 2.60 2.69 2.85 3.26 3.01 2.86 3.01 2.87 2.85 2.60 2.68 2.85 2.60 2.68 2.85 3.26 3.01 2.87 2.68 2.85 2.60 2.68 2.85 3.26 3.01 2.87 2.68 2.60 2.67 2.84 3.26 3.00 2.86 2.67 Month 2.84 3.26 3.00 2.87 2.67 2.60 2.67 Year 2.67 2.84 3.26 2.99 2.87 2.67 2.67 1.60 2.84 1.60 2.60 2.68 2.84 3.25' 3.00 2.84 3.26 3.00 2.85 2.60 2.60 2.68 1.60 2.68 2.84 3.26 3.00 2.87 2.60 2.63 2,000 . 67,000 • 10 32,000 87,000 121,000 92,000 355,000 253,000 25,000 24,000 1,984.000 1,155,000 789,000 188,000 v ' ■- ■ ■ 110,000 . 1,160,000 805,000 152,000 IS45 2.60 2.69 2.85 3.27 3.01 2.88 2.68 2.69 2.85 3.27 3.00 2.88 2.68 Closed Exchange 2.60 2.85 ; 2.85 2.60 2.69 2.85 3.27 3.00 2.88 2.68 1.60 2.85 2.60 2.69 2.85 3.27 3.01 2.88 2.68 1.59 2.86 2.61 2.69 2.86 3.29 3.02 a.88 2.69 1.59 2.86 2.61 2.69 2.86 3.29 3.02 2.88 2.68 3.04 2.8.9 2.68 3.04 2.91 2.69 ♦2.8 *1.2 2.6 5.2 : 1.2 2.4 *1.9 0.5 *6.8 ♦5.1 *1.9 1.0 0.1 under similar week in previous year. 1.3 2.73 2.90 3.36 3.07 2.94 2.69 2.90 ? ol 2.72 2.90 3.36 3.07 2.93 2.69 everything 2.69 done 2.88 2.62 2.71 2.88 3.31 2.91 12.69 1.64 2.88 2.62 2.71 2.88 3.32 3.05 2.92 2.68 3.33 3.05 2.93 2.68 v 3.05 1.64 2.89 2.61 2.73 2.88 1.63 2.89 2.61 2.73 2.89 3.33 3.06 2.94 2.68 2.90 3.33 3.05 2.94 2.69 13 ■Ilgh Low 1.64 2.90 2.61 2.73 2.90 3.37 3.09 2.93 6 (an. 1.62 2.60 2.73 2.91 3.39 3.10 2.94 31 1.60 1.69 2.92 2.65 2.72 2.93 3.39 3.14 2.95 2.68 23 2.96 2.68 2.75 2.97 3.44 3.21 2.98 2.72 26 1.77 1.80 2.98 2.71 2.76 2.99 3.48 3.25 2.97 2.74 1.59 2.84 2.60 2.67 2.84 3.26 2.99 2.86 2.67 1.80 3.03 2.72 2.80 3.05 3.56 3.36 2.94 2.79 1.81 3.10 2.69 2.81 3.09 3.79 3.54 2.95 2.79 1945— 1945 1944. 24, 2 Years Ago July 1943. 24, tThe latest complete list of bonds used in computing these indexes was published 14, 1943, page 202. issued debits," which we of the Federal Reserve System monthly summary of "bank June 11 its usual ? 1945 "Week Ended— ;April 7— April 14 April 21— -April 28. ', May. " 5. May 12 May 19 jMay 26—— June 2 —...— • 1944 4,321,794 4.361,094 0.9 3,882,467 1,480,738 4,307,498 + 0.6 3,916,794 1,469,810 1,696.543 1.709,331 4,344,188 + 1.5 3,925,175 1,454,505 4,336,247 + 1.8 1,429,032 1,688,434 4,397,330 4,233,756 4,238,375 + 3.9 1,436,928 1.5 1,435,731 1,704.426 ' 4.327.028 June 16 4.348,413 June 23 • , July July 7—— 14., • 21—— July 28—.— July 4,245,678 4,291,750 + 3.1 + 0.9 3,866,721 3,903,723 3,969,161 3,992,250 3,990,040 4,144,490 + 1.4 4,264,600 4.287,251 + 1.5 + 1.4 — 4,325,417 + 0.8 4.353,351 — June 30—. : 4,302,381 4,377,221 4,329,605 4,203,502 — 4,327,359 + 0.6 3,978,426 3,940,854 + 1.0 4.358,277 4,295,254 4,377,152 4,384.547 4,380,930 .4,390,762 — 1.9 ■f.VO.l 1,425,151 1,705,460 1,381,452 1,615,085 3,925,893 1,435,471 1,689,925 4,040,376 4,098,401 1,441,532 1,702,501 4,120,038 4,110,793 3,919,398 4,184,143 .4,196,357 4,226,705 1,456,961 1,341,730 1,723,428 1,592,075 1,415,704 1,433,903 1,711,625 1,727,225 1,440,386 1,732,031 1,426,986 1,724,728 27,103 86,816 3,033 10,348 9,415 4,523 14,901 13,771 2,803 2,481 8,196 7,523 2,632 2,404 7,846 7,214 10,483 35,741 77 6,673 33,409 — —— - Louis 2,310 2,363 — 1,699,227 1,440,541 9,981 102,669 11,728 Chicago St. 10.895 5,130 t ; " Minneapolis Kansas City 6,287 4.107 3,937 2,644 2,243 7,787 6,797 2,278 2,007 6,721 6,062 6,245 21,042 18.85C 81,723 ; San Francisco 1,222 7,116 67,259 33,678 24,708- 94,975 79,648 40,635 36,049 120,188 110,405 7,410 V 6,502 21,761 20,014 1,456 . — — Total, 334 centers ♦New York City :—— V •140 other centers 210,068 236.923 ' •' —. t 193 other centers. ♦Included In the national series „ —, covering 141 centers, available the \ beans. Brazil, it is stated anticipates a'; of approximately two million, bags, and even though Brazil has inquiries from South Americar^ crop been assured Trade] U. Si their usual, quota as in the past. In the Dom-i inican Republic many farmers are5 neglecting cocoa, preferring to de-f their efforts to vote more profit-; , tensive 1945 3,206 3,558 Philadelphia Richmond; increase 1944 1944 36,317 ! York 1,698.942 + New to cocoa May May May 1945 District— 1,699,822 9 June 1944 4,332,400 4,411,325 4,415,889 . ' over 1929 present With the cessation oV hostilities, however, given betteiV prices for cocoa, farmers could bC{ encouraged to return to more in- ; 3.698 1932 at production of etc. corn, RESERVE DISTRICTS —3 Months Ended— % Change 1943 having diffi^ ] securing ample labor due.i mainly to the fact that most of i the countries, visited are producing strategic materials needed by the ; United States, and as a result,:! there is not sufficient labor avail-i: culty able commodities like coffee, rice * give below: Federal Reserve unfortunately^; and European countries, the has been advised that the Bank Debit on but beans, most countries were able computed from average yields on the basis of one "typical" bond (3%% coupon, maturing in 25 years) and do not purport to show either the average level or the average movement of actual price quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of yield averages, the latter being the true picture of the bond market. ♦These prices are possible was being production of! increase to cocoa 1 Year Ago July an 2.69 2.91 . „ Witkin, President of the New York Cocoa Exchange, Inc.,j-i and President of General Cocoa 2 61 1.64 — 25——- SUMMARY BY FEDERAL (Thousands of Kilowatt-Hours) Trip Isaac 2.61 3.31 May DATA FOR RECENT WEEKS Returns From 2.90 '2.88 0.6 • : Witkin of Cocoa Exchange 2.89 2.87 2.70 *2.9 *5.0 . 24 1.63 2.70 2.62 3.8 6.8 4.1 *1.6 258.0i ———252.1 . 1.63 2.61 2.88 The Board,pf Governors . *■*-''•■" 245.7 20: 2.87 1.64 11 *0.5 '7 ■— — \pr. 27 1.60 l.l 2.9 • Jan. Low. 254.4 — 1— 2.73 8.—— 1 2.3 *1.3 , 21 Dec, Nov. Co., Inc., recently returned from^ extensive trip throughout the cocoa-producing area in the West¬ ern Hemisphere, visiting Brazil, Trinidad, Venezuela and the Dom- v inican Republic. - Members of the j Cocoa Trade were informed that;; : 3.30 ; June 30 2.9 *1.4 High, Low, 1945 High, June 12 have *0.5 *2.6 3.0 rr-Total United States. 2.67 2.85 — July 7 July 14 July 21 *1.0 — 2.87 ' ' " OVER PREVIOUS YEAR • : Week Ended ——— . 3.01 in the issue of Jan. - , Southern States 256.7 256.8 249.6 ——— 1944. 2.68 3.27 4 electricity by the electric light and power industry of the United States for the week ended July 21, 1945, was approximately 4,384,547,000 kwh., which compares with 4,380,-930,000 kwh. in the corresponding week a year ago and 4,295,254,000 jkwh. in the week ended July 14, 1945. The output of the week ended July 21, 1945, was 0.1% in excess of that for the same week ■V 2.87 2.85 1.59 15 8,674,000 II,920,000 Institute, in its current West Central.... 3.00 2.63 Closed 1 Exchange 1.60 — 22 May the production of PERCENTAGE INCREASE 3.26 2.60 Stock 4 3 ;77?:2— * ,2.85 2.85 1.60 June 29. - 1944 1.60 Stock 6— . Exchange Closed 2.84 2.60 1.60 '5 1,453.000 92,000 — 9..— 2,000 2.84 1.59 777 ii. 21,000 30,000 43,000 1,000 Central Industrial—..—r—.... June 23 July 24, 2.67 2.85 ago, ago, 2.67 2.85 2.87 1.60 3,000 103,000 for Week Ended July 21, Geographical Divisions- 20 July 1.60 2.85 123,000 Middle Atlantic— Friday. 1.60 16- 2,137,000 ,New England——.—— Wednesday, July Saturday, July 21.^ Monday, July 23— Tuesday, July 24 ————— Two weeks ago, July 10—.— 1.60 8,126,000 The Edison Electric >■ 254.6 254.7 254.7 254.7 254.7 254.8 254.4 17, 1945——— — 18. —; Thursday, July 19— —— 2.68 12—— 1,000 lignite ! July Tuesday, 2.69 3.26 25,000 770,000 V 56,414,050 sold $50,000 sold. than 2.85 Exchange Closed 40,000 2,958,000 . 55,600.000 sold 34,400,000 sold —. •Less 2.69 2.85 2.85 1.62 Stock 7. 2.87 p.1% Above That for Same Week Lastreport, esti¬ Year weekly ♦Decrease Corporate by Oroupa* Corporate by Ratings* Aaa rate« 1.60 18,000 Electric Output Rocky Mountain Pacific Coast Avge. Corpc- Stock 1,000 .. April Hoodf's Daily Commodity index 13— 550,000 :7 2,940.000 sold March Prices) 14— *eb. , 117.20 118,000 667,000 the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G. on the B. & O. in Kanawha, Mason, and Clay counties. {Rest of Includesincluding State, Arizona § Panhandle District and Grant, Mineral, and Tucker counties. Oregon. ♦Less than 1,000 tons. ^iiajor 114.08 18— liar. 1 103.47 "■.19—— : 530,000 1'. • 99.3S $67,475,000 sold 48,131,000 sold January AVERAGES 273,000 213,000 last year. 111.44 407,000 23,000 ; mated that 116.80 24_. July {Includes operations on • 119.20 947,000 37,000 (bituminous & lignite) Wyoming..; „ {Other Western States the 111.25 ; i February 117.20 125,000 83,000 tWest Virginia—Southern ♦West Virginia—Northern and 114.27 20 1,987,000 Utah Total bituminous & 106.56 Bonds vverages 21.—: 88,000 Virginia^..-- ; 103.13 Govt. 82,000 2,000 : —— 112.19 23_- - Pennsylvania (bituminous).— Tennessee Washington 117.00 22,000 ; —— Texas 118.60 12,000,000 sold 1945— May 277,000 North & South • 112.56 u. s. Dally 281.000 ii 5,900,000 sold . December 118.20 120.52 1945— 1944 6,000 — „— Montana (bitum. & lignite) New Mexico i Dakota (lignite).— Ohio.—'..—.—i V 119.61 113.70 115.000 Michigan i" 115.82 103.52 598,000 Kansas and Missouri Kentucky—Eastern...— Kentucky-—Western. Maryland - 113.31 104.48 (Based on Individual Closing 70,000 — Iotva 108.34 113.31 MOODY'S BOND YIELD 37,000 Indiana „ July 8, 1,000 Illinois 116.22 117.80 November June 1943. 933,000 Carolina.. Georgia and North 119.61 118.80 2 Years Ago 88.000 Colorado • 121.04 113.50 120.01 1944. 6,000 74,000 - , Oklahoma,.- Arkansas and 118.00 116.22 120.55 95,000 • 5,000 — —.— 119.41 123.05 1945: 1 Year Ago ■372,000 303,000 113.89 113.70 26 High 1945 jOW 120.02 114.66 121.92 23—— *eb. 463,000 Alaska v- — 31 July : p'. Optober 120.84 119.20 115.04 * 18,484,000 sold 18,992,500 sold 28,100,000 sold —— 115.04 Mar authorized ■ — August 13 COAL AND LIGNITE, 1945 June July September ran. June 30, May 115.04 July ,v.; 1945 16,511,300 sold 9,965,000 sold 20,500,000 purchased 118.40 1937 1,988,400 ,> 11,500.000 sold 20 28,590,000 „ . April 120.84 July 17, 33,643,000 $9,924,000 sold 105,100,000 sold March 27. ipr. ,, , 115.24 -Week Ended- July 7, 115.24 - — 4,800,000 purchased - 1944— 119.20 120.63 114.85 December 119.41 115.63 122.23 1 estimates are based on railroad carloadings and river ship¬ revision on receipt of monthly tonnage reports from district of final annual returns from the operators.) . ' 119.20 120.84 115.82 122.97 15 Date 4,145,500 ___ : $5,000,000 sold November 120.84 '' sales or purchases No October 121.04 (The current weekly ments and are subject to and State sources or 119.41 121.04 §Revised. PRODUCTION OP BITUMINOUS ESTIMATED WEEKLY 115.43 116.02 COKE truck from shipped by and coal {Subject to revision. wuuj^v lt/ision. and dredge coal, washery ♦Includes operations. . 113.12 115.82 30,095,000 3,262,900 lOSTOO v 108.16 67,757,200 sold 15,800,000 sold 2,651,600 sold — September 18 35,050,000 28,892,000 27,738,000 Beehive coke— K 116.02 $145,768,000 sold ; ; 115.82 7r:.:7?;; 1944 1,187,000 933,000 836,000 1,282,000 119.20 Closed years: 1943— 122.97 8 2,040,000 July 15, July 14, 1944 1945 1945 ♦Tota) incl. coil, fuel tCommercial produc. July 15, § July 7,/ tJuly 14, two 122.93 1944 -Calendar Year to Week Ended anthracite— 108.16 121.04 115.82 2 Tons) Net 116.02 Exchange 340,611,000 PENNSYLVANIA ANTHRACITE AND (In 119.20 121.04 116.02 4 Jan. 1 to Date tJuly 14, July 15, Week Ended— 7,-: 5 Government securities for the last June 112.93" in transactions Treasury's June 29 LIGNITE IN NET TONS Bituminous 116.22 116.02 on following tabulation show3 The the Closed announced Morgenthau tary July 16. 122.94 16 COAL AND PRODUCTION OP BITUMINOUS UNITED STATES . Penn. 116.02 119.41 Stock 17 The calendar year to date compared with the corresponding resulted $56,414,050, Secre¬ in net sales of 12 ■$£,4;; ■"Revised; of the invest¬ 119.41 116.02 3 Daily Closed 1 Sxchang 122.84 — 18 also reports The Bureau il" guaranteed securities ment and other accounts 119.20 116.02 116.02 Stock ... 19 that the estimated production of bee¬ hive coke in the United States for the week ended July 14, 1945 showed an increase of 19,100 tons when compared with the output .for the week ended July 7, 1945; but was 14,100 tons less than for the corresponding week of 1944. i Indus P. U. 122.80 21— 3.7%. 46,000 tons, or decrease of 17.6% when ESTIMATED R. R. Baa 122.62 — 20 week of 1944. 7." Aaa rate« A 122.64 24. ended July Corporate by Groups* Corporate by Ratings* Aa Government for Treasury and Avge. Corpo- Bonds averages July the Bureau of Mines, was 1,282,000 tons, an (37.4%) over the preceding week. When with the output in the corresponding week of 1944 there increase of shows a U. S. Govt. 1945— June, of transaction in direct 1945, market Yields) (Based on Average month the During MOODY'S BOND PRICESf 14, 1945, as estimated by increase of 349,000 tons compared In Govts, in June following table. 23 anthracite for the week of Pennsylvania rVi Production Llarket Transactions prices and bond yield averages are computed bond given in the production of bituminous coal and lignite during the "week ended July 14, 1945 is estimated by the United States Bureau of Mines at 12,000,000 net tons, an increase of 3,874,000 tons over the The total 1945 Thursday, July 26, CHRONICLE & FINANCIAL THE COMMERCIAL beginning in 1919. Mr, special cocoa Witkin cultivation. is - ] Chairman, of,> committee appointed bs the New York Cocoa Exchange Inc., to study ways and means o;, increasing5 cocoa? productiorf throughout the world, particularly in the Western Hemisphere, anc, he took the opportunity during his visit to suggest" to the official;, modern methods of production and long transportation, which in th< run should encourage the in of production in the West Hemisphere. crease ern . , j THE COMMERCIAL & FINANCIAL CHRONICLE Number 4406 Volume 162 Trading prices York Exchanges Mm on Commission made public on July The Securities and Exchange " figures showing the volume of total round-lot stock sales on the New York Stock Exchange and the New York Curb Exchange and the volume 6f round-lot stock transactions for the account of all 38 in the week ended June 30*; continuing members of these exchanges published weekly by the Commis¬ shown separately from other sales in these series of current figures being a r sales Short sion. figures. Trading are ' • < Stock Exchange for the account of the on which amount was 15.07% This Exchange of 12,973,920 shares. of the total transactions on the June 23, of with member trading during the week ended compares members 30 (in round- (except odd-lot dealers) during the week ended June lot transactions) totaled 3,909,636 shares, 3,331,086 shares, or 14.45% of the total trading of 11,529,100 shares. On the New York Curb Exchange, member trading during the week ended June 30 amounted to 978,295 shares or 12.38% of the total ended shares shares. During the week account of Curb members of 834,095 12.90% of the total trading of 3,233,350. volume that exchange of 3,951,870 on June 23 trading for the t was {Total Round-Lot Stock Sales on the New York for Account of Transactions :'l: . 1945 • 354,020 Short sales ceilings. seasonal index for all commodities other than farm products and foods remained unchanged during the week at a level of 0,1% above a month ago and 1.2% above the correspond¬ ing week of last year. Mercury prices continued to decline on cau¬ Turpentine advanced about 4% following the decline of the previous week. Seasonally lower prices for potash caused a drop of 0.2% in the group index for chemicals and allied products. Other commodities remained generally unchanged." The Labor Department included the following notation in its report: \ * ; * Note—During the period of rapid changes caused by price con¬ trols, materials allocation, and rationing, the Bureau of Labor Statis¬ tics will attempt promptly to report changing prices. The indexes must be considered as preliminary and subject to such adjustment and revision as required by later and more complete reports. The following tables show (1) indexes for the principal groups of commodities for the past three weeks, for June 16, 1945 and July 15, 1944 and (2) the percentage changes in subgroup indexes from July 7, 1945 to July 14, 1945. ' < ' tious buying. „ . NYSE Odd-Lot The Except v for l. Transactions of • 1 FOR JULY ENDED WEEK (1926 ists 14, 6-16 6-30 7-15 1945 1945 1945 1945 Exchange, corK tinuing a series of current figures being published by the Commis¬ sion. The figures are based upon reports filed with the Commis¬ sion by the odd-lot dealers and specialists, • STOCK LOT • 105.9 106.0 JL Other transactions STOCK Number of 7-7 6-16 1945 1945 1944 —0.2 < —0.4 + 1.6 ; 7-15 8.61 118.5 118.5 118.3 116.8 short sales.... ♦Customers' other sales. Customers' total sales..,—. 103.8 0 115.8 0 0 95.4 95.4 95.3 106.2 106.2 106.0 94.6 94.6 94.6 93.3 118.7 119.0 95.2 95.3 :;5 95.3 102.0 102.0 102.0 113.9 + 3.2 Customers' + 100.6 + 0.9 99.8 99.8 99.8 S9.7 '• CHANGES 7, IN SUBGROUP ■ Short + 1.2 ■ + sales_.____.__,_.._.„ 98,450 •Sales 1945 156,880 "short marked exempt" Fertilizer Total sales Grains Sales oh the New Torkv CorV Exchaago aai Stock for Account of Members* (Shares) WEEK ENDED JUNE 30, 1945 products.. — less liquidate than Livestock .1.3 "other _ and a long position tyblch round lot a reported'Wtb are Lumber Movement—Week .Transactions Short sales— ——. ' {Other sales-. ————————— Round-Lot, Transactions B. 28,360 3,923,510 they are registered— 269,775 Total purchases—————— Short sales-————. , Total :Sales—.~—-—A^————.-— ■ft-.' ■ J. Other transactions initiated 1 f on ft' 16,225 . -■. , 265,740 {Other sales--,--————— 6.98 281,965 '■ 109,710 —————' 88,055 in 96,355 group {Other sales- Total sales- — 8,300 with higher quotations for eggs more than the prices for potatoes and cottonseed .. .• . {Other sales——— ———- 2.61 54,170 1,900 164,420 offsetting small declines oil. The farm products moderate advance with higher prices in the live¬ stock subgroup more than offsetting the small declines registered in both the cotton and grains subgroups. The decline in the grains index was due to lower quotations for wheat at Kansas City and for transactions.initiated off the floor— Total purchases——————— Short sales--—————————— • . Fertilizer ' the floor— Total purchases—————. Short sales— — —— „ * showed a the advance in the livestock index reflected higher prices for cattle, lambs and eggs. A fractional decline was shown for the chemicals and drugs group because of lower prices for alumina sul¬ rye; Total sales ft'- .1, Total—» Total purchases————^———* Short sales——w—— ; —— V. ft? ft ft • {Other sales— v 'ft ft ft? — Total sales 433,655 26,425 — — . . 544,640 ft .. 518,215 * . 2.79 •ft-tftftftftftft;-ft; 166,320 - Customers'short sales————r.—— {Customers' other sales——— The textiles group also declined fractionally. All other in the index remained unchanged. During the week 4 price series in the index advanced and 6 de¬ clined; in the preceding week there were 5 advances and 8 declines; in the second preceding week there were 3 advances and 6 declines. 12.38 0 100,135 100,135 Totalpurchases * ' 94,223 — .■ \ 1935-1939=100* V Latest % Exchange members, their :ftftftftft tin calculating purchases and sales is compared with twice the total round-lot volume on the Exchange for the reason that includes all regular and associate firms and their partners, including special partners. these percentages the total of members' "> ■ the Exchange volume includes only sales. short sales which are exempted from restriction tRound-lot rules • are Included with "other sales." § Sales marked "short Group 142.7 ■ 17.3 Wholesale Prices Mined 0.2% Ir Week Lower quotations for a number of agricultural commodities (caused a decline of 0.2% in the Bureau of Labor Statistics index of (commodity prices in primary markets during the week ended July 14, (according to the United States Department of Labor, which on July |l9 reported that the index, at 105.6% of the 1926 level, was 0.4% year. (grains, fruits and rye eggs. Among the grains, substantially lower prices and for wheat more than offset advances for oats and corn. Jve poultry declined seasonally and egg prices were lower. Prices dropped sharply as, increased supplies came on the mafket Lemons and white potatoes were seasonally higher and small price increases occurred for onions and for tobacco. Cotton quotations advanced on reports of a small crop rith continued heavy demand. In the past four weeks average prices for oranges ind apples were generally lower. for farm products have declined 2.1% but were still 3.2% above mid- Fuly of 1944. "The food index also ; Farm ' 100.0 All ♦Indexes July 22, and 2—-—— : Drugs 1944, on dropped 0.9% 133.7 132.2 157.3 157.1 152.6 108.9 108.9 as the result of lower quota¬ rye flour and lower price decline for more of these mills were than production. Un^ reporting mills amounted to 110% of stocks. For reporting softwood mills, un¬ filled orders are equivalent to <38, days' production at the current rate, and gross stocks are equiv¬ alent to 33 days' production. For the of year-to-date, shipments reporting identical mills ex¬ ceeded production by 5.2%; orders by 9.8%. I .V * ! i- 153.8y 1926-1928 base were: July 21, 1945, 126.9 118.3 118.3 118.3 119.9 119.9 119.7 104.8 104.8 141.2 141.6 ft 110.1; July 14, ftft v' ftftft :ft /'■ 107.7. volume June of freight traffic, handled by Class I railroads in the first six months of 1945, meas¬ ured ton-miles in freight, moved of revenue slightly less than that ' in the same period in 1944, was announced July on 20. Freight traffic in the ?*rst half of the current year totaled approxi-; mately 366,337.903,000 ton-miles, compared with 368,733,822,000 ton-miles, or a 1945, 104.5 V 138.2 110.0; and 'ftftftft "-ftft traffic June ! decrease of 0.6%. 154.0 125.9 141.3 combined Increased 3.! 104.4 153.8 125.9 104.8 amounted to 63,- 600,000,000 ton-miles, according to : estimates based on reports re5-ceived, by the Association from Class I railroads. of crease June, 10% This was an in- ; with compared 3.1% 1944, and an increase of compared with the same in 1943. The amount of month traffic Oissoliiiisns of Banks and Credit Unions : The New York State Banking Department announced in its dissolving and terminating corporate existence of the following institutions, which have been in voluntary liquidation for one or more years, filed pursuant to provisions of Section 605 of the Bank¬ ing Law. "-ft Date of Order Merchants Bank of Buffalo, Buffalo, N. Y.__J—_ 6-4-1945 Imco Credit Union, Buffalo, N. Y. 6-8-1945 Hiam Salomon Credit Union, New York, N. Y.___—' . 6-4-1945 Canarsie State Bank, Brooklyn, N. Y._ 6-4-1945 A previous item in the matter page 2780. ft • ft.- - - by the was almost 2Vz volume carried in June, ever, ' ders Name of Institution and Location— handled Class, JI how¬ railroads in June this year, weekly bulletin issued June 15 the granting by the court of final or¬ . tions for fruits and eggs, with a 133.7 119.9 Machinery groups 130.1 H8.3 Fertilizer Materials ftft.- ft Fertilizers .3 154.6 132.0 108.9 Chemicals .3 158.9 161.6 133.3 125.8 Building Materials-— y 166.1 160.6 153.8 Metals— 6.1 :'ft :A .3 163.7 133.7 — 160.7 202.8 133.3 Commodities 168.0 214.8 -v'-YV\ftft:.-^ and Foods—Average prices for farm products Idropped 0.9% during the week as the result of lower quotations for Tor orders 12.7% filled order files of the roads 167.1 216.4 161.8 — Textiles 8.2 ''ft-/ [' Products 5.9% - for the week In the same week July 14, 1945. new were ? production the Association of American Rail¬ 163.0 —_ ... 7.1 "Farm Barometer below 145.1 ■ 163.1 157.2 ; 1.3 July 14, Labor Dept. Reports |The Department's advices added: Trade the National Lumber 163.1 145.2 * 167.6 Grains... Miscellaneous , 163.1 140.8 144.0 145.2 215.5 Products Fuels.i————— . 10.8 142.4 Iy 162.4 Cotton - corresponding week of last 1944 ft" 145.0 and Livestock )elow mid-June and 1.6% above the 1945 Oils Farm ft Ended 1945 Cottonseed Oil 23.0 ~ Ago Julv 22, Food— 25.3 Fats exempt".are included with "other sales." Ago June 23, 1945 by the Commission's r Year Month Week July 14, Total Index _ '< Preceding Week Bears to the Julv 21, Each Group "members" ♦The term porting to The Compiled by The National Fertilizer Association ft ft' Total sales Association, lumber shipments of 470 mills re^- phate. WEEKLY WHOLESALE COMMODITY PRICE INDEX ft'.ft ' Luriif groups Odd-Lot Transactions for Account of Specialists— O. Manufacturers ber Slightly price index, compiled by The Association and made public on July 23, ad¬ vanced slightly to 141.3 for the week ended July 21, 1945, from 141.2 for the preceding week. A month ago the index stood at 141.6 and a year ago at 138.2, all based on the 1935-1939 average as 100. The report went on to say: Two of the composite groups of the index advanced during the latest week and two declined. The foods advanced fractionally National stocks in which July 14, 1945 According to the National The weekly wholesale commodity for Account of Members: V'' *j. 1. Transactions -of specialists in OomsiiodiYy Pries index Advances 3,951,870 Total sales v Ended Rational Fertilizer Association Total for week 11 — Total Round-l^i Stock A. Total Round-Lot Sales: v m foods Other salea " poultry l.o , — Meats ortlert tSales to offset customers' odd-lot is 4.4 1.8 ...„ materials Other farm 15.07 2,014,299 —— vegetables.. re¬ are ported with "other sales." and sales to Fruits and . . Number of shares FROM Decreases 256,930 40 98,410 Round-Lot Purchases by Dealers: Paint and paint materials— 0;2 -•••"ftft ftft Total sales 0 98.6 Increases Plumbing and heating V ' sales + 1.1 0.1 429,465 $15,978,971 — r Number of Shares: '.~ V i" "v.-;. INDEXES 1945, TO JULY'14, 0 0 99.5 100.6 sales. total Dollar value.___.__ tOther 100.6 426,546 ftft Round-Lot Sales by Dealers*—-'' 1.6 —0.1 —0.1 0—0.1 ft -ft 'ft. 2,919 other sales.. ♦Customers' + 1.4 —1.2 —0.6 101.0 118.3 19,425 - ft Number of Shares: J ftft Customers' short sales + 0.2 :& ; o 0 93.7 101.9 Oftv: 0 . - 79 0.2 —0.1 —0.2 95.4 106.2 3.11 1,757,369 ft. .'ftft 19,346 ' • L Number of Orders: + 1.3 104.8 117.3 100.6 JULY 1,895,337 —. {Othersales-.——————— + 1.0 104.8 95.2 PERCENTAGE Total sales——482,239 + 1.2 117.4 products and foods ftTotal— ^ 17,918 518,132 $20,521,760 ... + 1.8 + 0.4 . 104.8 117.6 437,189 ——— -ft 117.3 411 commodities other than farm 45,050 + 1.5 0 0 :<■; 83.8 94.6 products^_i_i+»__ 323,927 — + 0.2 0 <ft O 97.3 84.5 95.2 Manufactured products All commodities other than farm 3.35 99.1 84.8 0 Semimanufactured articles 457,630 —— 99.1 84.8 106.2 Raw materials 54,900 402,730 99.1 > ' Housefurnishing goods 411,550 — — For Week + 0.6 Miscellaneous commodities —— Total • ... Oda-JLot Purchases by Dealers— fC'istomers' sales) + 3.2 —1.4 104.8 Chemicals and allied products Short sales Total purchases Short sales— —2.1 —0.9 117.3 1,074,430 ' ft- —0.9 105.6 99.1 Building materials {. Other transactions Initiated off the floorTotal purchases!.———.—————. : 124.2 84;8 917,450 — {Other sales—— 131.0 1Q7.7 118.5 __ Metals and metal products ———. —— Total sales———— ^ products.. 130.1 107.3 Y. N. shares 129.4 lighting materials —— — THE EXCHANGE Dollar value 107.2 Fuel and 156,958 Short sales—— {Other sales—— ON * ODD* DEALERS Week Ended July 7, 1945 orders 128.2 ~ Hides and leather initiated on the floor- Total purchases——. v THE «Customers'sales) 106.2 products — ——— SPECIALISTS of 103.9 Textile products..—.-..-.. ' ftift ftft-. ft-ftft: ft ■ Total sales FOR Customers' Short sales_,-----~~-~------- %'' TRANSACTIONS ACCOUNT OF ODD-LOT AND 3945 1944 105.8 the on Stock Number 105.6 Commodity Groups— All commodities specialists in stocks in whicb — York July 14, 1945, from— Farm , account special¬ who handled odd lots New Percentage change to Foods___— {Other sales odd-lot of all odd-lot dealers and * purchases—————1,159,860 Total for transactions -ftftftft, 10C) = ; - they are registered— made , for Account of Members, Odd-Lot Accounts of Odd-Lot the Dealers and Specialists: Trading and Exchange public on July 18 a summary for the week ended July 7 of complete figures showing the daily volume of stock Commission B. Round-Lot Transactions . Securities Odd-Lot Sales by Dealers— WHOLESALE PRICES 12,973,920 Total sales—: with accordance "Other Commodities—The group 12,619,900 ; {Other sales in primary market prices for foods have dropped 1.4% 0.6% above the corresponding week of last year. / . Total for week A. Total Round-Lot Sales: were Stock Stock Exchange and Round-Lot Members* (Shares) WEEK ENDED JUNE 30, poultry dressed on Since mid-June and Filed 6 -9-1945 6-13-1945 6-14-1945 6-14-1945 times the ! 1939. v The following table summarizes revenue ton-mile statistics for the first six months of 1943 and 1944 (000 omitted): - % ,<■ 1944 1945 Change 1st 4 mos._ 238,137,903 242,748,437 —1.9 Mo. of May *64,600,000 64,270,148 Mo. of June t63,600,000 61,715,237 +0.5 +3.1 appeared in our issue of June 21, | Total 6 Mos. 366,337,903 368,733,822 —0.6 ♦Revised estimate. ^Preliminary estimate. Thursday, July 26, 1945 THE COMMERCIAL & FINANCIAL CHRONICLE '446 The American Petroleum Institute estimates that the daily aver¬ 14, 1945 was crude oil production for the week ended July age gross 4,944,000 barrels, a high record, up 57,800 barrels per day when new It compared with the preceding week. also 341,650 barrels per was corresponding week in 1944, and figure recommended by the Petroleum day higher than the output in the exceeded the daily average barrels. Administration for War for the month of July, 1945, by 64,100 to Tin engineering construction volume in continental United $50,065,000 for the week. This volume, not including by military engineers abroad, American contracts out¬ side the country, and shipbuilding, is the third highest week reported to "Engineering News-Record" this year, is 10% higher than the previous four-week moving average, and is 39% above the corre¬ sponding week of 1944. The report issued on July 19 continued as totals construction follows: Private construction for the week is 30% lower than a year ago, averaged but public construction shows an increase of 73%. Federal construc¬ ^,907,882 barrels. Further details as reported by the Institute follow: tion is 92% higher than a year ago and state and municipal is up : Reports received from refining companies indicate that the in¬ 35% compared with the 1944 week. The current week's construction brings 1945 volume to $1,006,dustry as a whole ran to stills on a Bureau of Mines basis approxi¬ mately 4,945,000 barrels of crude oil daily and produced 15,349,000 049,000 for the 29 weeks, compared with $1,009,325,000 for the corre¬ Private construction, $288,149,000, is 20% barrels of gasoline; 1,611,000 barrels of kerosine; 5,197,000 barrels of sponding week last year. above last year, but public work, $717,900,000 shows a decrease of distillate fuel, and 9,337,000 barrels of residual fuel oil during the 11% due to the 17% drop in Federal construction. State and munici¬ week ended July 14, 1945; and had in storage at the end of that week pal construction, $559,303,000, is 18% above the 1944 period. 46,079,000 barrels of civilian grac|e gasoline; 39,322,000 barrels of Civil engineering construction volumes for the current week, the military and other gasoline; 10,610,000 barrels of kerosine; 34,804,000 preceding week, and the 1944 week are: -• Daily production for the four weeks ended'July 14, 1945 100,000,000 lb. in May. fuel, and 41,489,000 barrels of residual fuel oil. AVERAGE DAILY Week Change ables Ended from Ended dations Begin. July 14 Previous July 14 Week 1945 V July Oklahoma 380,000 269,400 1227,700 + 1944 341,250 278,800 900 87,500 88,750 89,150 152,300 West Texas 521,400 153,450 509,500 463,550 East Central Texas— Panhandle Texas North Texas 151,550 139,000 379,500 139,450 378,550 148,350 363,550 Southwest Texas 360,750 359,200 319,750 Coastal 568,950 566,000 531,400 2,209,400 2,194,900 2,067,300 69,700 297,950 72,150 285,400 East Texas Texas 38,759,000 24,137,000 • the.tin situation] highly critical and in a sta~. released during the last week produced figures to im¬ press upon consumers the need as tistical study the metal wherever to conserve on possible in the transition period^ The report placed the stock avail-, able for allocation as of May 1; at 23,654 long tons, against 83,076 at the beginning of 1942.; tons production at the Texas in' is estimated Current smelter was not divulged, but market circles output month. of primary and secondary tin in 1944" 4! was placed officially at 90,352 tons, against 81,840 tons in 1943, Bolivia shipped tin concentrates during June that contained 4,537 around at 3,200 tons a United States consumption metric tons of the . metal, against 9,390,000 29,369,000 3.386 in tons May and 3,029 tons Exports in the: first six months of 1945 contained in June last year. 21,476 tons of tin, which compares, i with 17,504 tons in the Jan.-June 8,037,000 period of 1944. Federal 16,100,000 The price situation in tin was; * Current week's statistics. unchanged last week. Straits # In the classified construction groups, gains ever the preceding quality tin for shipment, in cents week are in waterworks, sewerage, bridges, streets and roads, public per pound, was nominally as fol¬ buildings and unclassified construction. All classifications show lows: Oct. Sept. Aug. gains over the 1944 week. Subtotals for the week in each class of 52.000 52.000* 52.000 July 12 construction are: waterworks, $1,554,000; sewerage, $755,000; bridges, July 13 52.000 52.000 52.000 52.00052.000 52.000 $1,373,000; industrial buildings, $5,602,000; commercial building and July 14 52.000 52.000 52.000 July 16_ private mass housing, $1,785,000; public buildings, $16,110,000; earth¬ 52.000 52.000 52.000* July 17 work and drainage, $307,000; streets and roads, $8,860,000; and un¬ July 18 52.000 52.000 52.000 State and 267,450 35,400 $36,063,000) 11,926,000 10,854,000 30,862,000 Public Construction July 15 387,800 950 + t900 1,000 —____ # $49,009,000 10,250,000 $50,065,000_ 8,349,000 Private Construction Ended 900 f389,700 274,000 — Nebraska 1945 July 1 380,000 — Kansas Week 4 Weeks Allow- *P. A. W. 41,716,000 Total U. S. Construction— Actual Production •State Recommen¬ , 7-20-44 (5 days) *7-19-45 (5 days) (FIGURES IN BARRELS) PRODUCTION OIL CRUDE 7-12-45 (5 days) v tinues to regard . barrels of distillate 1. Board con¬ The War Production Civil States reduced dian aluminum. This was Civil Engineering Construction $50,635,000 Daily Average Crude Oil Production for Week Ended July 14 Up 57,800 Barrels to flew High ll|li|; For Week of- July 1 Municipal- ... . _ _ Total Texas North Louisiana 2,170,000 }2,174,285 - — 70,700 296,900 — Coastal Louisiana Total Louisiana 950 + , —f 400,800 367,600 + 950 367,650 357,550 80,000 78,786 80,200 + 200 80,000 53,000 51,800 — 200 51,400 Mississippi 950 + 200 800 150 250 132 50 " .. Alabama- Florida Illinois —200,000 202,150 13,000 12,900 Indiana • -- — 7,100 207,600 196,950 + 1,850 12,400 12,850 Eastern— 64,200 Ky.) Montana ____ /' Calif of 4,879,900 recommendations + 24,350 ments have been 111; 100 10,950 8,450 50 103,550 1 08,000 + 48,200 State 3,961,782 946,100 9,600 +57,800 allowables, shown as tThis includes is the net shutdowns fields shutdowns basic and which allowable 4,907,882 above, July the for calculated on 1 entire entirely exempted the and natural and month. of a 31-day With the other certain fields basis and exception of which for ordered for from 2 to 15 were days, the entire State was ordered shut down, for 5 days, no definite dates during the month being specified; operators only being required to shut down as best suits their operating schedules or labor needed to operate leases, a total equivalent to 5 days shutdown time during the calendar month. {Recommendation of Conservation CRUDE RUNS ..AND J . TO STILLS; UNFINISHED Committee of PRODUCTION GASOLINE, GAS OP California GASOLINE; OIL AND Oil Producers. STOCKS DISTILLATE OP FUEL FINISHED AND RESIDUEL FUEL OIL, WEEK ENDED JULY 14, 1945 ; (Figures in thousands of barrels of ' 42 gallons each) estimate of unreported Bureau ; ::-i. "E. & M. J. Metal and Mineral Markets," in its issue of duction reports on month-end open capa¬ city are no longer required. The situation in quicksilver remains unsettled and lower prices were named for spot and forward metal." The publication further went on to say in part: •"w;' • , * District— East Gas Oil Inc. Nat. Blended of Re- & Dist. porting v Fuel Oil age erated 785 r—99.5 99.2 The copper on tStocks tGasoline Stocks ity Re- Aver- % Op- - Coast.: 1,949 Mill- Ci- sidual tary and Fuel oil Other 6,363 5,475 7,919 vilian Grade 7,717 Appalachian— District No. 1— 76.8 93 oI'H IA In'l t?,?' 53 789 63.7 340 106 0 92.1 , 764 284 1,401 1,217 259 4,794 1>914 . 157 6,124 i'950 763 13,285 7>073 1-488 2 087 2 086 §3 Ij?9 622 ~633 22,418 10,470 3 587 6 002 591 132 2,579 2'355 909 Louisiana Gulf Coast- 96.8 267 102.7 970 1 647 972 No. La. & Arkansas— 55.9 89 me 236 850 190 kny';r"""" SmSt Texas Gulf Cbast^ So? 89.3 , 1 : 392 245 158 83-6 93.6 '• 1>239 5 fi2R 711 Q ' "S nf)7 Rocky Mountain— No. 3 17.1 13 100.0 43 No. 4 72.1 129 81.1 404 87.3 932 93.5 2,450 California ___. Total U. S. B. Of M. .' - 21 37 333 ^ 9,710 fin - • released buying a 91'° 15,349 34,804 41,489 ^basis^uiy^7^1945-- 85.8 5,006 92.1 15,082 33,677 40,754 1139,429 1146,900 14,023 36,907 54,804 July 15, 1944 " ; * Includes 4,588 aviation ">39,322 35,539 46-079 45,315 and military grades, finished and unfinished, title to which the producing company; solvents, naphthas, blending stocks currently indeterminate as to ultimate use, and 11,734,000 barrels unfinished gasoline this week, compared with 11,767,000 barrels a year ago. These figures do still not remains include forces may refineries, barrels ef barrels of compares in any the gasoline aitually of name which on have in title custody has in already their own at bulk terminals, in transit and kerosene, 5,197,000 barrels of gas residual with fuel oil produced during 1,589,000 in pipe oil and the passed, er leased lines. which storage. the military tStocks at §Not including 1,611,000 distillate week or ended fuel July oil and 9,337*000 14, 1945, which barrels, respectively, barrels, 4,875,000 barrels and 9,238,000 the preceding week and 1,510,000 barrels, 4,861,000 barrels and 8.446,000 barrels, respectively, in the week ended July 15, 1944; flRevtsed figure. ..... in Note—stocks of against year 9,939,000 kerosene barrels at (revised ago. July 14, figure) 1945, amounted to 10,610,000 barrels, as week earlier and 10,829,000 barrels a a consumers. Current copper for is holding shipment to of month next same level as that at about experienced month ago. available Spot metal was prices ranging from at $142 to $146 per flask, a drop of * $2 compared with a week ago. Just where the market stood on forward business was a subject A re¬ In brief, ^on quantity covering irietal for Au~ ; gust shipment from Spain, the price was considered to be a mat¬ ter for private negotiation. Pa¬ abroad. business cific Coast from sellers naming forward also flat of state J refrained quotations on owing to the business, unsettled the i market. Actual consumption of quicksilver has increased, but so have avail¬ able supplies. ' 4 Silver The London silver market tinued Consumers, in numerous in¬ stances, have filed requests with WPB for zinc for delivery next month purchased as low as $134 flask, August shipment from quiet last week and the price Zinc at 25Vzd. was con-. ' The New York Official for foreign silver was unchanged at 443/4c., with domestic I { metal at 70%c. "preferred orders" on obsolete forms. on These have been returned for proper filing, causing Urges Action on Full Demand for lead continued at believe purchased for August shipment will be about the same as that sold for July. the Total week was tonnage supply, which includes for¬ last week amounted to 9,152 tons. Consumption United States lead in the 1944, covering and secondary of in both primary metal, amounted to 1,118,643 tons, according to the Tin-Lead-Zinc Division, WPB. In addition, 15,524 tons Total of lead were consumption in exported. 1943 came a modest scale. On producers of zinc are satisfied with the recent vision of the zinc order, re¬ claiming that in practice it will work to the advantage of foreign producers. Most of the domestic output is likely to remain under control, particularly in Special High Grade and Prime Western, they% argue, in a for scramble free market the foreign so- July 16 Henry Morgenthau, retiring Secretary of the Treasury, urged speedy Congres¬ Jr., sional sors Competi¬ tion in "free" metal is expected to be particularly keen in areas accessible to Canadian producers. Aluminum WPB announced that it has cut that lb. still shipped by the Aluminum Co. of Canada on or before Aug. 18, 1945. A con* tract signed late in March of the current year called for the de¬ livery of 250,000,000 lb. of Cana75,000,000 contract must be its spon¬ a letter to Chairman Wag¬ (Dem., N. Y.) of the Senate Banking Committee, Mr. Morgen¬ thau, according to Associated accounts from Washington appearing in the New York "Jour¬ nal of Commerce" said the meas¬ expanding social security cov¬ erage would fix a definite em¬ ployment policy for the post-war ure reconversion that back its purchase of aluminum in Canada by 25,000,000 lb. It also what "full employment" In "I under on ner Press the domestic* producer. stated action term the bill. pro¬ ducers may find that they are in a far more favorable position than eign metal, will be somewhat in excess of requirements. Sales for the on Domestic called good rate, and producers that some and Lead a 85'8 4,945 covering absorbed 129,649 tons. not /v.] To^alU.^B.^fM45" accounted for 307,271 tons of lead consumed in 1944, and cable pected to declare that domestic production will receive prior con¬ sideration, and, after it has been disposed of, MRC metal will be 3,325 V7\./ further weakness. delay in attending to August requirements. Buying of zinc last the District District i industry is operating assumption that an order be issued shortly defining the Storage batteries 1,049,222 tons. just when MRC metal will come into play now that the demands for copper for the war program have diminished. The order is ex¬ 1,657 74 2 183 2,858 1>364 965 tn nil Copper will of at Ref. July 19, "Open-ending of CMP has brought some improvement in civilian demands for copper and other metals, but not to an extent to offset heavy cutbacks in war production. As a result, the buying of copper last week remained on the quiet side. Lead continued in good demand, but zinc was slow. WPB has again reduced its pur¬ chases of Canadian aluminum. 1 Brass mills were informed that to 1,126,001 tons, and in 1942 to a ^Stocks Fro- • on '".; {Gasoline * O.% Daily Crude Runs Refining to Stills Capac- Daily * • amounts and are therefore of Mines basis { could be stated: Figures in this section include reported totals plus an ■■ Quicksilver Buying interest in quicksilver was inactive, and the price situ¬ ation in the last week developed per Volunte—Copper and Zinc Demands ioderale ' V continued that puzzled all concerned. flon-Ferrous ielals—Lead Sales in Good 4,602,350 represent Chinese, or 99% tin, at 51.125c. per pound. port was circulated among traders to the effect that foreign metal 3,747,550 854,800 for week ended 7:00 a. m. July 5, 1945. are of as exemptions were / completed. :ii 22,100 , 200 4,944,000 ^ and 20,500 ____ + post¬ 43.8% of the total volume pro¬ projects all financing arrange¬ 87,300 — 949.800 1943, 50,300 — 3,994,200 tOklahoma, Kansas, Nebraska figures several ports to "Engineering News-Record" in the period from Jan. 1, through July 12, 1945. Plans are under way or completed on 66,650 production of crude oil only, and do not include amounts of condensate gas derivatives to be produced. 1 ■ , / engineering projects proposed for con¬ totals $21,614,222,000 according to re¬ Identified and recorded struction in the post-war years 49,600 10,700 §952,000 952,000 Total United States , Planning Volume $21.6 Billions projects valued at $9,484,279,000, posed, and on $1,510,728,000 worth of 1 03,250 ' 105,000 3,927,900 California •PAW Post-War Construction 64,650 30,400 5,950 400 4,800 5,050 + 20,800 12.000 105,000 East + 115,350 118,200 22,000 + 53,900 * 47,000 Mexico Total 66,250 30,400 28,000 . Colorado New reported for the corresponding period last year. war (Not incl. 111., Ind., Kentucky Michigan Wyoming above that 44,050 500 :— $13,719,000. construction purposes for the week totals $6,425,000 and is comprised solely of state and municipal bonds. The cur¬ rent week's new financing brings 1945 volume to $1,477,938,000, 48% New capital, for 80,550 „— Arkansas 360,000 .... classified construction, period. He strongly of the am Government does added: opinion have i a definite responsibility, together industry, agriculture and labor, for seeing to it that a sound * with and economy in this is maintained—an econ¬ prosperous country omy that will be able to-absorb profitably the honest toil of the American worker and offer full encouragement to American pro¬ ductive genius." s Volume THE COMMERCIAL & FINANCIAL CHRONICLE Number 4406 162 447, Total Loads Revenue Freight Gar Loadings During Week Ended July 14,1945 Increased 158,864 Gars . - ^Railroads .. . . Total Revenue Southern District— Atlantic Coast Line *_ ... Miscellaneous freight loading totaled. 388,954 .cars Loading 104,877 -and less an cars, merchandise increase of 11,435 increase of an *•' of 3,401 cars, ; • . cars the preceding week, but a ; 2,915 190 307 289 *■; 107 " Banks states this 1,404 2,535 561 706 4,315 Credit , . 470 455 4,440 601 973 1,249 134 7 „■ $ 1,125 y>.v 344 3,418 services between 2,533 27,461 28,875 25,822 16,137 26,815 26,331 25,564 11,778 312 308 729 247 285 497 591 3,151 2,855 4,554 5,080 1,102 1,610 1,807 346 357 1,202 1,064 1,766 385 521 407 416 9,437 10,724 10,431 10,910 9,988 7,230 8,385 26,065 24,492 21,728 22,873 24,417 601 725 547 792 900 119 129 101 971 995 124,859 125,488 115,663 107,439 115,435 ___* 1_. " ; ^4. Winston-Salem Southbound Total. 1,091 cotton 20,078 19,584 2,532 21,853 3,598 28,692 ■ calls for 14,307 3,225 4,109 3,481 3,333 28,648 31,875 983 258 562 Green Bay & Western Lake Superior & Ishpeming 9,166 8,612 8,210 9,581 459 478 90 67 25,385 26,044 8,642 6,059 425 491 368 3,084 3,306 2,496 2,165 2,195 2,091 2,534 .... Minneapolis & St. Louis '■:.v>^. 139 "Since the 45 2,325 < 4 of Weeks 7,179 7,774 7,526 11,479 11,478 154 116 599 Weeks customers loans to Weeks of March... 4 Weeks of April ( 4 . 5 weeks • "Week of July Week of of June^.——w-—___ 7—^ - Atch., Top. # Santa Fe System—... 3,103 3,196 900 865 15,126 13,662 14,290 12,289 3,116 2,910 2,477 4,383 713 782 2,972 3,011 3,971 3,497 6,680 5,503 768 109 43 1,874 1,340 3,441,616 3,363,195 2,027 2,437 1,845 1,822 2,001 4,338,886 4,003,393 Missouri-Illinois 1,340 1,181 1,106 730 672 8 1,027 2,090 47 107 862 1,014 988 738 704 ; ... 744,347 808,630 Nevada Northern.—... 877,335 North Western Pacific 22,933;449 22,017,342 ,_.■■ .... Received from 1943 1945 1944 255 193 1,294 1,303 1,072 1,007 329 286 •6,571 6,522 6,180 12,124 12,779 1,215 _4_-- 1,310 1,393 1,851 2,036 45 26 40 35 Central Vermont . 1,025 1,053 1,030 2,242 2,28? 4,960 4,929 6,723 10,271 11,64£ 8,081 9,418 11,019 — Hudson__.-™-»_»—i—_ Delaware, Lackawanna „ - 7,622 7,735 & Western.... • 286 22.9 173 142 108 1,708 1,859 1,880 1,202 1,179 2,294 Detroit & Mackinac & Ironton '___ Detroit & Toledo Shore Line.——— ■ Toledo 346 319 2,285 13,209 13,419 15,064 16,100 3,748 3,603 7,009 6,888 170 2,778 2,252 2,299 848 1,614 ,' 8,736 9,258 10,160 2,490 2,775 Lehigh & Hudson River Lehigh & New England Lehigh Valley...-— Maine Central..—— 6,402 2,823 2,610 2,458 17 55,490 47,420 9,427 15,706 2,980 18,856 ;___ 139,985 600 2,164. 142,220 15,916 2 —3,518 105,145 133,171 5 4,647 94,718 314 6,351 13,596 649 541 815 348 4,834 5,988 5,177 2,233 2,336 2,652 — 2,965 2,247 3,378 3,747 Kansas, Oklahoma & Gulf Midland Valley_„_ Missouri & Arkansas 2,036 8,878 • .<• , — —— — 49,818 Central Lines— & Hartford.. 51,985 9,425 919 6,554 ' 9,017 1,221 7,064 f Ontario & Western..—... York, Chicago & St. Louis.'.— The sale will ducer to hold a ing the for cotton letter and of higher ;> folder explain¬ procedure for loans cotton - pro¬ ; v .. the th,ese govern¬ schedule encourage prices." In the to assured a new making which were mailed to banks in the ten cotton producing states, Mr. Bailey says, "Commodity Credit Corporation has announced that eligible cotton of the 1945 crop will be purchased by that agency from producers at a fixed scale of prices, varying by grade, staple, and location^ on the basis of 22.15 cents per pound gross weight for middling 15/16, at Memphis in August, with an increase of 5 points per pound per month until June price reaches 1946 when This 22.65. the situa¬ tion presents an attractive oppor¬ 168 267 601 944 6,286 5,893 2,979 2,529 tunity 3,950 3,860 3,001 2,664 298 334 403 : .1,221 1,086 growing states to assist in the orderly marketing of this year's cotton crop by making loans to 752 822 _________ 769 ; 406 529 for banks of 289 412 345 5,717 4,050 5,008 18,761 17,902 18,457 60 260 330 9,774 9,045 7,930 8,053 3,374 2,746 6,145 7,066 12,258 13,247 5,601 5,255 5,459 4,913 7,866 18,353 114 76 10,696 Louis-Southwestern ... Texas & New Orleans Texas & Pacific Wichita Falls & Southern—.: 3,601 ' 4,991 7,411 90 110 34 25 33 26 21 38 77,011 74,149 64,523 66,503 123 ... Weatherford M. W. & N. W. 24; farmers. 73,954 Government The com¬ mitment to purchase eligible cot¬ ton securing a loan can provide degree of safety to the bank comparable to the safety of an ordinary CCC non-recourse loan loan where the Gov¬ is committed ernment Total— cotton- and to the farmer 90 6,958 19,484 St. Louis-San Francisco the a 10,643 203 7,059 Quanah Acme & Pacific— and absorb to buy the loss result¬ any •' 399 543 1,674 7,221 8,877 5,300 4,919 7,369 7,468 906 935 1,008 \_19 18 369 376 173 212 1,510 1,252 2,564 322 1,126 1,050 •6,118 6,347 5,837 10,469 5,999 5,229 5,419 3,730 159,628 —---—-—— Wabash — — 162,428 166,173 195,850 • -■•■■ 366 980 > „ 360 > 11,718 4,102 ■ 216,674 give herewith latest figures received by us-from the National Paperboard Association, Chicago, 111., in relation to activity in the paperboard industry, 2,461 359 v North—...— ' Wheeling & Lake Erie—_—• Weekly Statistics of Paperboard Industry We The ; — Lake Erie— Buffalo Creek & Gauley.— 609 48,310 48,606 6,214 7,006 t t 709 111 cates the activity of the mill based are 2,119 213 t t ^ Ligonier Valley..... Long Island— Penn-Reading Seashore Lines Pennsylvania System—______—...... Reading Co ' Union (Pittsburgh)__ .— Western Maryland—;——- the total a figure which indi¬ the time operated. on These 1,613 1,907 7,153 7,111 16,431 20,113 555 658 44 49 176 226 248 14 8 118 144 146 55 50 2,356 1,692 1,182 4,060 1,712 1,680 2,122 2,306 89,627 91,638 86,181 57,844 15,422 13,835 14,753 24,570 19,113 19,771 17,201 7,244 7,966 4,233 4,196 4,712 11,439 12,082 198,918 185,188 152,879 173,856 65,495 28,130 April 7 April 14 April 21 Tons Remaining Tons 146,832 159,733 Tons - ___. ,4——~ 30,276 30,298 14,732 22,545 22,523 6,368 14,343 ' 4,620 , Current Cumulative 604,720 92 94 158,938 604,214 97 94 162,040 564,631 98 95 4,949 2,276 2,160 57,641 57,770 23,376 25,292 ' ' - Total.—.:—— 54,156 Examiners The the bank would for producer and know the exact value of the bale of cotton under the CCC purchase program. "The Commodity Credit Corporation _is committed to buy the eligible 1945 it of banks in ers will welcome the assist¬ financing farm¬ to hold their cotton for better prices," Mr. Bailey said. In addition to - all the banks in 142,387 158,854 546,311 99 161,764, 153,111 605,892 97 ' 95 152,208 602,717 94 95 May 19 126,285 97 95 129,327 158,532 157,794 565,867 May 26 532,257 97 95 Mississippi, Oklahoma, Tennessee, 168,204 153,359 546,211 93 i 95 Arkansas, Louisiana, North Caro¬ June 2— 9 ! 95 : 189,674 159,228 575,167 97 June 16 129,618 159,230 537,182 96 115,768 166,083 157,932 491,287 96 95 156,447 499,505 96 95 7 — — — July 14— 180,155 145,797 • 99,960 151,085 8,789 4,820 Cotton 223,162 July 28,368 warehouse 5 May June 30 21,168 the May 12 April 28__ June Pocahontas District^— of classification. Activity June 23_—... Jhesapeake & Ohio——_> iorfolk & Western.; and would forward the samples to the ance Percent of 125,708 i warehouse that Unfilled Orders Production 203,891 1945—Week Ended 3,925 1,760 PRODUCTION, MILL ACTIVITY Orders Received the plan, cotton at guaranteed prices up to June 30, 1946, and has indicated t Period 22 1,679 7.181 197,341 Cumberland & Pennsylvania of advanced to equal 100%, so that they represent the total 2,237 ■ 543 Indiana—_—... Central R. R. of New Jersey 83% statement each week from each production, and also STATISTICAL REPORTS—ORDERS, 30,297 25,889 6,354 a represent 1,176 1,029 42,068 ,- Association the market the producers their cotton in an ap¬ proved warehouse, have the cot¬ ton sampled on arrival at the Board this member of the orders and industry. 4 Youngstown.— .. of v. 7 industry, and its program includes figures pistrict— members in would place 8,820 5,146 revised. Under 1,777 8,042 Pittsburgh & Shawmut Pittsburgh & West Virginia.———. Note—Previous year's figures ' 407 ing from a drop price of cotton." •(•Included in Baltimore & Ohio RR. 38C 298 7,604 Y., Susquehanna &j Western.—..... Pittsburgh & Lake Erie Pere Marquette. — — N. ' from back the of " New York, rirginian cotton prices hold to quantity 3,587 Missouri Pacific 15,509 208 farmers 379 Missouri-Kansas-Texas Lines St. forms in¬ non-recourse 3,662 City Southern LitcHfield & Madison— 3,647 ^ '• . ' , 15,629 409 2,084, 17,518 1,438 189 1,936 Monon^ahela— Montour _—.....—^ Pittsburg, Shawmut & ' Louisiana & Arkansas..., 20 • ' 4 16,596 52,640 3,979 — 2,032 2,371 6,414 2,506 5,852 12,649 Grand Trunk Western....- 0 13,268 1,991 2,211' . 15,138 2,460 ; 404 , 0 15,008 384 ... Total—— Kansas ' 8 33.985 322 < ..i 17,667 _____4i——4._—666 International-Great Northern <1,472 — Union Pacific System Utah Western Pacific..—__: Gulf Coast Lines.. Connections 1944 Louisville Chicago, Indianapolis # 6 34,515 396 . Southwestern District— 34 Boston & Maine Central Indiana.. 33 33,772 —4—. Southern Pacific (Pacific) Burlington-Rock Island— ; 1945 ———- . own making ment. 2,123 1,208 903,901 for cotton, hesitancy in CCC forms. The Com¬ modity Credit Corporation is urg¬ ing banks to make these direct 6,885 821 258 & 3,168 14,669 - 1,435 Total Revenue / Bangof & Aroostook. Cambria 10,886 957 AND RECEIVED FROM CONNECTIONS WEEK ENDED JULY 14 Eastern District— Baltimore & Ohio 12,344 572 (NUMBER OF CARS) Ann Arbor Bessemer & 21,027 Fort Worth & Denver City Illinois Terminal.....; Freight Loaded Allegheny 19,669 Denver & Salt Lake 726,404 Railroads Akron. Canton & 20,069 Denver & Rio Grande Western.— 22,871,617 FREIGHT LOADED 44; 105 3,845,547 Total Loads Rutland 4,359 108 3,152,879 table is a summary of the freight carloadings for railroads and systems for the week ended July 14, 1945. During the period 63 roads showed increases when compared with the corresponding week a year ago. New 13,097 3,509 405 3,055,725 The following New York 14,135 3,366 420 3,154.116 the separate N. Y„ N. H. 23.984 3,556 400 3,91#>:7 3,27&.«*6 Peoria & Pekin Union. Detroit, 30,905 3,714 672 883,268 i Delaware & 30,649 _____ Bingham & Garfield : Chicago, Burlington & Quincy Chicago & Illinois Midland Chicago, Rock Island & Pacific Chicago & Eastern Illinois—— price guaranty of a no their on of substantial Central Western District— Toledo, Peoria & Western ' 3,076 62,340 Colorado & Southern —————— / 3,904 66,569 2,910,638 - — — July REVENUE 2,681 145,221 3,158,700 3,452,977 4,364,662 •- —.—— — Total .:,r- 2,766 140,195 1943 3,374,438 —__ Weeks of May 2,255 133,345 ■Total——.—___. 18, on 3,049,697 of February 5 • Spokane, Portland & Seattle July following to price banks need have stead 4,018,627 4 • gov¬ making direct loans to their farm 543 » A.B.A. purchase minimum 5,426 5,946 276 Spokane International Altoh. the to the this 2,876 3,140 10,056 __ Northern Pacific 1944 3,001,544 January had schedule in effect is 968 775 V. the also loans Minn., St. Paul & S. S. M.___ • cotton say: 529 •: ' ' his from which 316 766 21,565 Great Northern...: vices 11,778 482 . 1945 sell a price roughly corre¬ sponding to full parity, said ad¬ 3,101 10,757 3,397 796 Ft. Dodge, Des Moines & South.. . a purchase price schedule provides that the grower which 12,317 2,669 21,188 : 8,342 Elgin, Joilet & Eastern • 22,507 2,278 22,314 Duluth, Missabe & Iron Range. Duluth, South Shore & Atlantic totaled 43,502 cars an increase of 11,911 cars above the preceding v/eek but a decrease of 5,017 cars below the ^ corresponding week in 1944. Ore loading amounted to 77,255 cars an increase of 7,512 cars above the preceding week but a decrease of 9,474 cars below the corresponding week in 194.4. : Coke loading amounted to 14,661 cars an increase of 1,406 cars above the preceding week, and an increase of 412 cars above the corresponding week in 1944. All districts reported decreases compared with the corresponding *, week in 1944. All districts reported decreases compared with 1943, except the Allegheny, Southern; and Centralwestern. announced by the Credit Corporation crop ernment at _ Chicago, Milw., St. P. & Pac.__; Chicago, St. Paul, Minn. & Omaha.. Forest products loading the Commodity may • customers . Northwestern District—^ Chicago & North Western Chicago Great Western farm plan worked out Agricultural Com¬ a and the Commodity Corporation, according to C. W. Bailey, Chairman of the Commission, who is also Presi¬ dent of the First National Bank, Clarksville, Tenn. ' The purchase plan for the 1945 857 416 3,440 ___ their mission of the American Bankers 11,385 336 to by virtue of 90 .. 4,080 15,758 . Tennessee Central growing Association ..4. Southern System cotton an opportunity to increase their credit year 41 .4 ..... the have 1,371 Seaboard Air Line. Livestock loading in will 45 332 Piedmont Northern amounted to 13,293 cars, an increase of 2,398 cars above the preceding week but a decrease of 1,283 cars below the corresponding week in 1944. In the Western Districts alone ! loading of live stock for the week of July 14 totaled 9,231 cars, <tri •increase of 1,733 cars above the preceding week, but a decrease of 495 cars below the corresponding week in 1944. ■ 2,614 261 139 Richmond, Fred. & Potomac increase 'of 10,713 cars above the preceding week and an increase of 3,109 cars above the corresponding week in 1944. In. the Western Districts alone, grain and grain products loading for the week of July 14 totaled 46,157 cars, an increase of 5,314 cars above the preceding week and an increase of 4,173 cars above the corresponding week in 1944. 1,697 4,981 Norfolk Southern.. Grain and grain products loading totaled 65,645 cars an 1,880 Increase Credit Servs. 862 _ Mississippi Central Nashville, Chattanooga & St. L._ •corresponding week in 1944. 1,630 1,500 Macon, Dublin & Savannah increase of 57,130 cars decrease of 4,369 cars below the 1,501 43 Louisville & Nashville Coal loading amounted to 175,081 cars an -above 536 912 ; Illinois Central System.. above the corresponding week in 1944. cars 5,671 829 : r V," 117 • Gulf, Mobile & Ohio .... 9,716 4,161 1,750 : Georgia & Florida.. freight totaled above the preceding week 1,162 8,959 4,077 900 Georgia lot carload than Enables Banks to 280 2,511 11,010 4,354 Gainesville Midland increase an 242 2,241 '• 1,215 10,927 202 Florida East Coast but a decrease of 7,412 above the preceding week, below the corresponding week in 1944. cars 906 9,940 ___ Durham & Southern 54,359 630 3,941 Georgia.. 1944 1945 358 809 1,260 Columbus & Greenville Loading of revenue freight for the week of July 14 increased 156,864 cars, or 21.6% above the preceding week. • ~ "" ; .of 363 758 Charleston & Western Carolina "l: 1943 475 __ Atlanta, Birmingham & Coast Clinchfield 1944 1,316 ___ Atl. & W. P.—W. R. R. of Ala. Central of Connections 1945 Alabama/ Tennessee & Northern: Loading of revenue freight for the week ended July 14, 1945, totaled 883,268 cars, the Association of American Railroads announced on July 19. This was a decrease below the corresponding week of 1944 of 20,633 cars, or 2.3%, but an increase above the same week in 1943 of 5,933 cars or 0.7%. Cotton Purchase Plan Received from, Freight Loaded . .. Notes—Unfilled orders of the prior 95 / . 95 575,918 / 62 90 94 week, plus orders received, less production, do not necessarily equal the unfilled orders at the close. Compensation for delinquent reports,-orders made for or filled from stock, and other Items made necessary adjust¬ ments of unfilled orders. Belt including Alabama, Georgia, South Carolina and Texas, lina, the letter and material the explaining purchase program for banks 94 575,134 the ten major states of the Cotton were and mailed county to key state secretaries bankers in Arizona, California, Florida, Mis¬ souri, New Mexico and Virginia. $2,610,000. Pushing capital funds past $3,000,000 are undivided profits and a reserve for contin¬ gencies, Mr. Robertson said." I (Continued from page 438) Secretary, and Harold C. O'Brien is Assistant Cashier and Assistant Directors are Fred H. Cook, P. D. Lockwood and all of the officers except Mr. O'Brien. Secretary. the same period ad¬ vanced from $2,799,083 to $5,548,721, and loans and discounts rose $1,005,437." from $797,557 to The transfer of $750,000 to the surplus account of the Riggs Na¬ Fidelity Trust tional Bank of Washington, D. C., Public Bank of has been authorized by the di¬ Baltimore, was rectors, President Robert V. Flem¬ 17 at meetings ing reported on July 10, it was of the stockholders of the respec¬ made known by S. Oliver Good¬ tive institutions. The Baltimore man in the Washington "Post" of "Sun," noting this on July 18, July 11. From these advices we added: also quote: "Together with $250,"It is contemplated that the 000 added to surplus last January, merger will become effective at this brings the bank's surplus ac¬ of the Company and the Maryland, both of approved on July Merger 28, after which date stockholders of the Public Bank may exchange their stock at the main office of of business on July close the Company, on Trust Fidelity the basis of four shares of stock •the of the Public Bank for one share of stock of the Fidelity. "The combined institutions of more have total resources capital accounts and $60,000,000 • will than The merger give the Fidelity five offices main office, and in addition to its not only trained to personnel a general bank¬ and trusts handle and but in consumer-credit personal loans. ing "Four directors were cho¬ new Walter Sondheim, James F. sen: Leonard A. A. three being and Bonnell O. Robert Turner, the Siems, first directors of the Public Bank, while Mr. Siems is a VicePresident of the Fidelity. "Mr. Sondheim is Vice-Presi¬ Hochschild, dent and Treasurer of Kohn Vice-Chairman of American former President of & Co., a the Baltimore Chapter, Red Cross, a Associated Jewish Charities. President of Flynn & Emrich Co., long-established foundry and engineering com¬ "Mr. Turner, director of William C. Robinson Company, the Industrial Building Company, the YMCA and the Kernan Hospital for Crip¬ pled Children. ""Mr. Bonnell, in addition to be¬ ing President of the Public Bank, is pany, is the of Associated Hospital Service, Chairman of the Baltimore Aviation He will become Commission. Vice-President a Fidelity and a member of quarterly dividends of $3 a share on capital stock, payable July 16 and October 15 to stockholders of record July 9 died Union Fifth-Third the of Vice-Presi¬ Mergler, J. Henry dent Trust and September 30." Co., of Cincinnati, Ohio, July 9. In its July 10 is¬ the "Cincinnati Enquirer" on sue said: "Mr. Mergler, who was 63 years had served the Fifth-Third 1903, when he was em¬ ployed as a clerk by the Union Savings Bank & Trust Co., prede¬ old, Siems before "Still board The coming institution. Advancing to Assistant Treasurer and then Secretary, Mr. Mergler the of cessor present in Vice-President elected was January, 1934. Amer¬ the educational division of the Amer¬ ican Bankers Association, Mr. Banking, of Institute for many years an instructor of the Cincinnati chap¬ Mergler ter was of the Institute." Treasurer. "The meeting the since was the choice the first preceding day of Thurston Morton H. III, Brown, at a new as and Eli members elected stockholders' meeting." of the board. They were ber Cynthiana of the R. H. Jack¬ Its officers are: 958. President; Lon Harkey, VicePresident; R. S. Moore, Cashier; R. S. Roberts and Harry Cornell, son, Assistant Cashiers. Federal Reserve Sys¬ the "Dallas reported that Na¬ and E. L. Flippen Adams than named directors of the Hill- were University American National and the Park of Bank State crest holders' stock¬ that during meetings week, and that T. E. Jackson was also elected a director of the HillBank. State crest The advices said: further affiliates menting Flippen, their las. : : Bank tional ier and Trust Officer. Mercantile The Trust and Bank Commerce - St. Company, Division—Amer¬ Brake Shoe Company, with ican Bearing has he took up subscribers scribe for A graduate of Prince¬ wished stock more to sub¬ than their present holdings entitled them to. plan 10,000 shares of $20-par-value stock first of¬ stockholders, Share for share, at $25 per share. were fered to the present National Bank of the in are First Na¬ In Dallas. com¬ this affiliation, E. L. President of the First on National Bank in Dallas, said: rapidly growing sub¬ were acquired in 'These two urban banks to order better serve the Towson respective sections of Dal¬ National Bank of Md., is expanding its capital from $100,000 to $150,000 by increasing the number of shares from 10,000 to 15,000 of $10 value, H. Guy Campbell, Pres¬ ident of the bank announced to voted by enable the bank its said. becoming against earlier. De¬ 793,925 last December years Savings & Washington when Alfred died, and who has been prominent in northwest banking circles since 1909, died on June 24 according to Associated Press coma, Lister advices which added: • since he came here in He was a past President of cial editor as of Louisville the Journal"; advices tinued: con¬ "This reduced RFC's holdings of preferred from $750,000 $690,000, which is represented by 27,600 shares of $25 par value to stock. "Coincident directors a stock with of this the dividend telligencer" of July 8, referring to the bank's development through the course of the years, from the time of its inception in 1870 as the Phillips-Horton & Company Bank, had the following to say part: ;! "The Phillips-Horton and Com¬ Bank, which grew through changes and mergers into the Dexter Horton National Bank and finally into the SeattleFirst National Bank, will cele¬ brate the 75th anniversary of its pany successive - Liberty anniversary of the National Bank of Seattle, Wash., has recently been observed. The Seattle "Post In¬ in retire¬ bank on de¬ com¬ stock by increasing the 60,- 000 shares of common from a par founding this week. "The bank opened its doors for business June 16, 1870, in a one- 20 feet by 40 feet, on the corner of what is now 1st Ave. S. and Washington story frame building, of of Associations, Loan and member a Conference Northwest the Savings committee the procedure of the United States Savings and Loan League, Vice-Chairman of the League's committee for social security, and a member of the League's state section committee." ;; ? The Royal Bank of Canada an¬ on July 19 the appoint¬ of A. F. Mayne as super¬ of foreign branches and nounced ments Clark assistant as super¬ of banking arrangements. Clark and Mr. Mayne have been connected with vari¬ ous branches of the bank for Mr. Both many years. value of $16. This increases the capital repre¬ St. in the armed women is "This striking a illustration Ameri¬ of the extent to which the people have increased their protection while directing their greater wartime incomes into the channels of thrift and can insurance savings," Holgar J. Johnson, Presi¬ dent of the Institute, said in com¬ menting on the mid-year report./. "They have made unprecedented purchases of War Bonds, holding about $44,000,000,000 at mid-year; they have increased savings de- j; posits at a record pace to over * $44,000,000,000 at mid-year; and they have increased their owner¬ ship of life insurance to a record The net result is an im-*> amount. portant contribution to stabilizalion of the national economy for The declared dividend interim an for the the on maximum the £ 4 share's, and of 614% dividend period. the stock for the same dividends (less income tax) the 1st of Au¬ shareholders; and will be payable on those to whose stockholders registered Directors The were names the books of the the 30th of June, last. in company on Midland the of in¬ Bank Limited terim dividend for the half year ended June an announce 30, last, at the rate of actual less income tax, which 16. The payable was rate same clared a July on of * company ; all life American insurance companies were $42,500,000,000,! guaranteeing the life insurance I protection for 70,000,000 policy-' holders. ; . . "Aggregate benefit payments to j policyholders and beneficiaries in the first half of the year were i approximately $1,370,000,000, which is $93,000,000 more than payments in the corresponding period of last year. The increase is due in large part to war death claims. Total death claims ex- Si ceeded $670,000,000 in the half ; which compares with $614,- S 014,000 in the first half of last: year and $507,869,000 in the firsts half of pre-war 1941. Direct payyear, , ments to elusive living policyholders, cash of ex- ? pay-! surrender ! ments, also increased in the first of this of dividend was of de¬ Harry Go- Chairman of the British Bankers Association, on schen, former July 7, at Harlow, Essex, was re¬ ported vices in from Associated ad¬ 9. He July London 78 years Press of age. In the New York "Herald Tribune" of was July 10 The "Sir Harry following was born is reported by]: Washing- ; ton, July 13, to be President Tru-^| the United Press from man's message to the French pie peo-j: Bastille Day, July 14, the ; national holiday: on French Day, the people I have given the world;; undying symbol of freedom.;!; Throughout the long history of/; our friendship with France, the.: "In Bastille of France an people of the United States have shared the it stands. in throw rannies principles f significance than j over-/! the final the darkest of one •/1 those of year of /'Vv :'/y //';••/ have greater a this ; principles for which;! />. that 'has tried ever enslave mankind." ty¬ to> . f fice of his father's firm, Fruhling Goschen, and soon became a ! partner in the firm of Goschen Sc'i & Cunliffe. stated: 1; Day Message to French "Never Sir year, Truman Sends Bastille had it says: insurance holdings of U. S. Government se¬ curities reached approximately $18,000,000,000 at mid-year, upf? $11,000,000,000 since Pearl Har- ; bor. Life insurance company sub- ; scriptions in the Seventh War! Loan Drive alone came to $3,200,- [ 000,000. At mid-year, total assets j year ago. death The was life of half year ended 30th 9% 8% further "Total aggregating! $585,000,000 which is 15% over! Directors of Westminster the corresponding period of pre- j: Limited of London have war 1941", I Bank gust j the war period and to the nation's fight*against inflation." The In- t half William "In the beginning Dexter Hor¬ Henry Neville Goschen, in Adand David sented by common stock from ton Phillips were dington, Surrey, but when he was storekeepers. They got in the knighted in 1920, he chose to be $900,000 to $960,000. known as Sir Harry because there "Capitalization of the bank now habit of hiding money in their includes preferred stock, $690,- store for customers who had no? already was a Sir William Henry 000; common stock, $960,000, and place to leave cash in bankless[ Goschen, a relative. "He began his career in the ofUsually they hid the surplus, $960,000, for a total of Seattle. value of $15 to a par and men on loan The 75th the "Mr. Winden had been with company on bank.'" The Loan Association, Ta¬ of to June; 1945, ' Seattle-First $60,000 of the preferred stock held by the Re¬ Corporation was announced by Merle E. Rob¬ ertson, President of Liberty Na¬ tional Bank & Trust Company, of Louisville, Ky., on July 9, ac¬ cording to Donald McWain, finan¬ 1 "Assets of the bank stood at $5,- $3,016,211 two before of the Tacoma became President "Cooper E. Wyatt, President of Hillcrest and American enlarge the forces. stitute both the National, stated that 'Our affilia¬ tion with the First in Dallas will Service Life Insurance written on who last month W. Winden, A. city.' Executive construction Finance mon was capital structure in proper ratio to its steadily in¬ creasing deposits, Mr. Campbell keep Manager Sales and of Retirement clared to of ITesidenL;;;;*^;^:^^ ment quote: help to unit that " also will cluding Pettus is Vice-President on we "Sun," from which stockholders of but maintain the individuality of each timore increase charge of arrangements for the in visors serve, sitions with National Bearing, in¬ July 5, it is learned from the Bal¬ "The celebrated its 50th anniversary, is First visor National will not only benefit the C. B. individuals and businesses they, materially our score operations, while continuing .Towson, par imer, whose father, N. H. Latimer, the bank's President when it interests, and the people, in We feel that the association , was busi¬ a native St. Louisan and has held various po¬ Mr. "Courier The the;; class in University 1927, new who Under the associated been Vice-President stock, leaving 1,266 shares to be distributed among new subscribers and to old the announced recently Louis, ton stockholders swept rebuilt. 1909. American "The lis, President; W. O. Boren, Cash¬ 19. since 1928. "Present Seattle de¬ stroyed the building in which the bank began, but, like the rest of the burned-out town, the ; bank which fire In its July 15 issue ness July which 8,374 shares of Company. "Seventeen years later the big peak kf with an estimated $153,000,000,000 in force, it was reported on July 20 by the Insti¬ tute of Life Insurance. This is, an increase of $9,000,000,000 over the previous mid-year and $29,000,000,000 greater than the total in force at the outbreak of the war. These figures said the In¬ stitute do not include the National mid-year, at Horton and reception." Times-Herald" The new member was organized in 1905. It has a capital of $30,000, surplus of $13,~ 000 and total resources of $714,492. Its officers are: Ray B. Holtem eral Reserve Act." Baltimore "Sun" said: Dexter as of and the Hillcrest State Bank State Bank, Cynthiana, Ind., became a mem¬ The tional Cumberland, Md., announced on July 17 the sale of stock under its recapitalization plan had been oversubscribed. Reporting this the known became owned by Ameri- families reached a new can was Bank Life insurance ■ the Brothers, "/."Now, with 35 offices throughSharon, Sharon, cut the State, the bank has its Tenn., became a member of the main office at 2d Ave. and Cherry Federal Reserve System on July St., only a few blocks from its 20. In reporting this the Federal original site.' Reserve Bank of St. Louis said: "High point of the week-long "The new member opened for anniversary celebration will be a business Dec. 1, 1902. It has a reception, to which Seattle's capital of $35,000, surplus of $25,pioneers have been invited, in the 000 and total resources of $1,316,bank tomorrow night. G. N. Lat¬ The now; and foreign corpo¬ rations chartered under the Fed¬ The Liberty Trust Company of ,; y of that is books Frauenthal tion build a for the Federal Reserve Board, election of Thomas W. Pettus to greater Dallas, as suburban banks and for many years examiner in the bank's board of directors. Mr. play no small part in the increas¬ charge of examination of Federal Pettus is President of the Na¬ ing financial' importance of our banks : active account on the early; day merchants, who made their first Louisville, Ky., on July 19 elected deposit on the day the, bank A. B. Comstock President of the opened. The Frauenthal brothers institution on motion of Bethel B, are long since dead but the hold¬ Veech, retiring President. Mr. Comstock was elevated from his ings they left are being adminis¬ tered by their nephew, J: H. Neuposition as Vice-President, accord¬ berger, a Seattle-First National ing to the Louisville "Courier Bank Vice-President. ■ Journal," which further reported: "In 1872 Phillips dropped out "The directors also chose Mr. of the firm, selling his interest to Veech as Chairman of the board Arthur A. Denny, and the institu¬ of directors and A. R. Landes as Bank of Oak Cliff at their "A Past President of the ican to engaged in bank supervisory work Reserve bank's of these two banks with the the Fidelity as Vice-President was an ; of directors- of the United States Trust Company, of : since its executive committee. "Mr. Northwest. Pacific , a President of the established bank's the with policy of continuing to build up capital structure,' according to Mr. Fleming. / ; ■ "Directors also voted regular exceeding $3,000,000. will $5,750,000 and 'is in keep¬ count to ing in a coffee barrel. Then they bought a safe and finally opened a bank, the first in the money in posits Thursday, July 26, 1945 FINANCIAL CHRONICLE THE COMMERCIAL & 448 of the He was chartered made and National Provincial became director; of India, China, and of the ) Bank, He Chairman of the London' Clearing House in ceived a Bank Australia the Empire. in 1927." Order 1918 of He received the a and re-! British; baronetcy i